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Profit and loss account

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(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?

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RAJA P M

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RAJA P M (Expert)
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....
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