Profit and loss account
This query is : Open
rishabh bhatia
(Querist)
22 September 2017
In profit and loss account, whether sales are shown including of vat and purchase are to be shown including of vat.
or we should show sales net of tax and purchase excluding vat by treating vat on purchase as asset and vat on sale as liability?
Please Suggest
or we should show sales net of tax and purchase excluding vat by treating vat on purchase as asset and vat on sale as liability?
Please Suggest
22 September 2017
No....
In PandL account all (sales&purchase) is shown only basic value. It's mean without tax values of VAT...
The VAT amount is shown in Duties & Taxes head. Also (input / liability) the tax amount shown in BS....
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
- Tax on Amount transferred in HUF Account
- Nursery business
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
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
