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Purchase & sales figures in profit & loss a/c

Accounting Entries 856 views 3 replies

Hello,

Should the Purchase & Sales figure in Profit/Loss A/c be inclusive of VAT or only net figures need to be shown?

Replies (3)

Use Net figures excluding VAT

Refer the guidance note below for better understanding:

https://220.227.161.86/23635research13.pdf

We have recd payment against export sale Euro 19123.28 @ 69.00 & Invoice price is Euro 19123.28 @ 65.81, When I make entry of this transaction in INR rupees der is some 63000/- rupees etc. so please show me the entry as per tally...9.2


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