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
- 11719 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
What is fair value accounting?
What is tally accounting?
simply define shares and debentures
Define and distinguish between flexible and floating exchange rate system. What kind of exchange rate system does china have?
Is it necessary after every journal entry to show its treatment in P&L a/c? Eg. if I am asked to show journal entry of purchasing furniture & fixture on 1st Aug 06, i.e. Furniture & fixture a/c Dr. To cash/bank a/c Along with this, I have to pass following journal entry on 31st Mar 07?? P&L a/c Dr. To Furniture & fixture a/c
What are the major components of country's trade account?
Which steps in Procurement to Pay process does FI documents get created.
Who owns the general ledger?
RPC Ltd. follows the written down value method of depreciating machinery year after year due to (a) Comparability. (b) Convenience. (c) Consistency. (d) All of the above
How the MIS format made up in XL.
Company ABC split 1:3 on March 31, 2009 and split 3:1 on March 31, 2008. Date Close Price # of Shares Revised Closed Price Revised # of Shares June 15, 2009 $75.00 3000 $75.00 April 23, 2009 $72.00 2300 $72.00 March 31, 2009 $67.00 999 $ March 31, 2008 $275.00 300 $91.66 November 30, 2007 $233.00 6800 $77.66 October 6, 2006 $1,333.00 13000 $444.33
What does the abbreviation dr mean in accounting?
What is accounting for plant assets?
What are the important things to be remembered while preparing a bank reconciliation statement?
Compare financial accounting and cost accounting.
