Vat in balance sheet and p/l

290 views 3 replies

SIR,

Pl  advise whether i have to take input VAT and output tax values to be shown in PROFIT & LOSS statements ?

2.i had .a credit of input VAT. HOW TO ACCOUNT FOR it in P & L and in BALANCE SHEET. It is a proprietorship firm.

pl advise.

regards,

sunil

 

Replies (3)
Credit Balance of Input VAT to be shown under the head Sundry Liability.

SIR, 

WHAT ABOUT P & L entries /

I think Purchase and sale should be shown excluding VAT

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