Interested to Buy Any Domain ? << Click Here >> for more details...
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)
- 5 Answers
- 11664 Views
- I also Faced
- E-Mail Answers
Answer Posted / akhil
Stock will show only on cost price (both in P&L AND B/S)
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
WHAT ARE THE MOST ELEMENTS OF YOUR JOB?
How we will dabit profit & Loss a/c in tally because profit & Loss a/c is tally generated a/c. we have to make provision for tax.
what is inter-company transaction? what is Inter-Branch transaction?
Tell me do you possess any knowledge about accounting standards?
Accounting Questions
M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
Have you ever heard about tds, what it is?
What is deferred account?
Define "book value" as applied to accounting
I have a doubt in tally,if a customer purchase our product on cash or sometimes credit,under which head i need to make the customer ledger.?
What are premises in accounting sense? What is vat adjustment?
Under Accrual Accounting, How Are Worker Comp Premiums Handled?
What does it mean to do accounting training outside of public practice?
what is difference between budgeting and Forecasting
we have received amount from others through debit/ credit cards. what is the ledger group of this? i am confused selecting the ledger group could you explain.
