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)
Answer Posted / suresh
Stock can be taken in P&L & Balance Sheet excluding Vat (i.e Cost Price only)
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Explain an example of a tough decision you had to make quickly?
service tax calculated on agreement value or market value whichver is higher for builders?
In a housing society accounting if a defaulter having dues consisting of principal amount and simple interest, pays a part amount whether the received amount should be adjusted first against the interest dues and accordingly reduce the balance principal dues or adjusted only against the principal amount, allowing outstanding simple interest to contineously increase/
if we have provision for bad debts and RDD then on which amount we have to calculate RDD original or deducted?
What is the meaning of scrap value in accounting?
What is the disadvantage of double entry system?
Wha is difference between expenses and expenditure
Do you know offset accounting?
Pls let me know Job profile for Account Manager.
get fixed assets items
Scheme is given by a company to his distributors on sale of goods, what is the treatment of this scheme distributors hand Direct income or indirect income
By saying, perpetual or periodic inventory system; what do we mean?
Tell me what is project implementation?
What is meant by balancing?
Received Invoice from Tvs Co. against purchase of 15 pcs of Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?