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While closing books for the year end, We had Closing stock
which is inclusive of VAT(i.e Cost price + VAT), What is
the treatment of this Closing Stock in the P&L and BS , is
Closing Stock Shown Inclusive of VAT (ie. Cost price +VAT)
or, without VAT (ie. Cost Price)
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Answer Posted / suresh reddy
While Purchase of material the entry will be
Goods/Stock A/c Dr ( Valued as stock in Balance sheet)
Vat Payable A/c Dr ( Value taken in P&L Account as rev exp)
To Party A/c
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