Cosing Stock in P&L
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2009
While closing books for the year end, We had Closing stock which is inclusive of VAT(i.e Cost price + VAT), What is the treatment of this Closing Stock in the P&L and BS , is Closing Stock Shown Inclusive of VAT (ie. Cost price +VAT) or, without VAT (ie. Cost Price)
28 December 2009
if vat is not your cost and receivable, vat would not include in cost.
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