EASYOFFICE
EASYOFFICE

Disclosure of sales in Profit & Loss account

This query is : Resolved 

25 August 2007 In SCH VI, can sales be grossed up and shown. My sales component includes service tax, VAT and Works Contract tax. If only net sales is to be disclosed, is there any reference to substantiate our interpretation

27 August 2007 Hi Manoj Singh,

It is better to disclose in the following pattern

Sales (Gross) *******
Less:
1. Vat *****
2. Excise Duty *****
3. Service Tax ****
4. Works Contract Tax ****

Net Sales *******

06 September 2007 Hello Mr Manoj,

you need to disclose the detailed breakup for the sales in you books.


12 October 2007 As per accounting standared Interpretation (ASI) and AS the gross turnover should be disclosed in the financial statements.

08 November 2007 Disclosure is necessary.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries