Interested to Buy Any Domain ? << Click Here >> for more details...
In Profit & Loss Accounts, "Sales of Products" consists of
Price of Material & Excise. Why Sales Tax (CST or VAT) is
not considered as part of "Sales of Products".
- 1 Answers
- 3737 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
Only the basic value of the products sold in income & taken
in to Profit & loss A/c. CST/VAT/Excise Duty collected in
the invoice is not income, but liability to be remitted to
governments & hence taken on the liabilities side (under
Current Liabilities) of the Balance Sheet.
In other words 'Gross Sales' is inclusive of tax & 'Net
Sales' is excluding Tax. Net Sales is Income & Tax portion
is liability.
| Is This Answer Correct ? | 10 Yes | 1 No |
Post New Answer View All Answers
cost accounting process
Breif notes about accounting standards
give me only one transactions in both side (debit&credit) should be in real accounts
after directing tally 9 to calculate interest as per 30 day option basis on a loan account.........,it still calculates interest as per calender month when checked on to display>statements of accounts>interest payable in tally 9 ...where is the error?? how to correct the function.
What is miscellaneous expense and when it is used
Which Exchange determine Foreign Exchange/Currency Rate?
Expand--------AA
Distinguish value andPrice
Expand----------SAMC
Expand------ARN
i want to sit for the written examination held by govt. sector like coal india, ongc for the post of accountant .. qualification ca inter.. plz any1 of u let me know on wht subjects the questions are asked and wht types of questions are asked... plz let me know.. plz
barwaha
how to check which item is sold by the sundry debtors in tally?
what is internal audit
hey! i have an interview for PO in union bank on 11th feb. can anyone please tell me what major topics should i prepare for? of course npa is there. also cibil and basel basics. is there anything else i should prepare?
