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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)

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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