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)
Answer Posted / 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 |
Post New Answer View All Answers
sir ,can effect on wbs element after wbs selected in t code : FBCJ for cash receipt?
formula of reduction in tax credit of vat form 201(gujarat)
What is BRS Adjustment entry?
Explain me what do you think is bank reconciliation statement?
what is special purpose ledger in SAP.. is it required to configure in ECC 6.0 since New GL concept is active?
Tell me an example of a tough decision that you had to make?
how to deduct tds on income from other sources with examples
What is account payee cheque? Expand ctc cheque?
6. What is the amount of Simple Interest on $ 1,500 for 90 days at 6% interest (year is 360 days)?
Who is debtor purchaser
A motor car purchased on 1 apr 10 worth rs 10000 taking a loan from bank of rs 8000. Emi will b 500 pm inclusive of interest rs 100 pm.all repayments are done by bank overdraft. Prepase bshEet & P&L as at 31 mar 10
What is a trial balance in accounting?
what is the Differed Tax Liability & How it is calculate ?
Please guide in details about Payroll in Tally.erp9??
How i should sellone the mobile phone when interviewer will ask sell this phone to me?