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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)

Question Posted / vijay4886

Answers were Sorted based on User's Feedback



While closing books for the year end, We had Closing stock which is inclusive of VAT(i.e Cost pric..

Answer / kumar

Closing Stock in the balance sheet & P&L A/c is always
exclusive vat only i.e Cost price

Is This Answer Correct ?    10 Yes 0 No

While closing books for the year end, We had Closing stock which is inclusive of VAT(i.e Cost pric..

Answer / raghupathi vengala

with out VAT, According to Cost Concept we shown actual
cost of the stock .

Is This Answer Correct ?    4 Yes 0 No

While closing books for the year end, We had Closing stock which is inclusive of VAT(i.e Cost pric..

Answer / 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

Is This Answer Correct ?    3 Yes 0 No

While closing books for the year end, We had Closing stock which is inclusive of VAT(i.e Cost pric..

Answer / akhil

Stock will show only on cost price (both in P&L AND B/S)

Is This Answer Correct ?    0 Yes 0 No

While closing books for the year end, We had Closing stock which is inclusive of VAT(i.e Cost pric..

Answer / 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

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