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
- 11459 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
What is the difference between accounts and finance ?
Given the following entries from a TRIAL balance, what entries would fall where in a Balance Sheet & an Income Statement? Accounts receivables Merchandized inventory stores supplies office supplies prepaid insurance accumulated Dep accounts payable sales salaries advertising expense Miscellaneous expense Office salaries expense rent expense Depreciation expense Insurance expense Bad debts expense Allowance for doubtful debts Supplies expense
can we change date in tally.erp s/w in educational mode ?
What mean the word LLP? Please share the definition...?
Bank charges rs.100 debit/credit only in brs, where u can Posted entry,add or less in as per cash book/passbook
what is tds and how it is calculating
In what way does option issuer benefit
FROM WHERE I WILL GET PREVIOUS QUESTION PAPER OF JUNIOR ACCOUNTS OFFICER TEST OF B S N L
what is the maximum amount of adversiting while we paying in cash
what is difference between depriciation and depriciation reserve ? how to treat depriciation in the books of accounts
Whether we add or not the Insurance policy premium of vehicle in asset value?
describe the rule of garner vs murray and how it relates to the dissolution of a partnership
Audit 
