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 *******
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Dep. as per companies act
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- CHECK RELATED
- UDIN ISSUE
- Change Of Karta In Case of Death
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
