Closing Stock Valuation
This query is : Resolved
21 June 2010
Situation: In trading & Profit & Loss Account Input Vat Credit/ Vat paid & output vat is shown separately on respective side and excess of input vat credit on output vat collected is shown as vat refundable.
Question: Whether vat attributable to the cl.stock should be included in the valuation of closing stock as per income tax act?
Question: Whether vat attributable to the cl.stock should be included in the valuation of closing stock as per income tax act?
23 June 2010
no not to be included in stock, better to route all vat entries under group of provision or liability or current assets
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