Profit and loss account
This query is : Open
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....
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