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.
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