Can i clarify, whether VAT & Service Tax are Proffit & Loss
A/c items (or) Balance Sheet Items.
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Answer Posted / satyaki_raju@yahoo.com
Babai what do you mean by Final accounts, Pavan Kumar you
are also not correct
Chaitanya you are also not correct.Why you people are not
concentrate on the subject.
They are both Profit and loss as well as Balance sheet
items why because regular payment will be placed in profit
and loss account and the year ending obligation in the
shape of provision or yearending payables will also be
placed under Balance sheet.
If interested I will send valued question papers with
answer books based on accounts and finance to your end if
you send your e-mail
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