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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 / 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 |
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 |
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 |
Answer / akhil
Stock will show only on cost price (both in P&L AND B/S)
| Is This Answer Correct ? | 0 Yes | 0 No |
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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