28 August 2012
We are taken all of taxes under purchase A/c which includes Purchase (Goods Price) 50,000/- Vat 1,000/- and TCS 510/- hence Purchase A/c Shows 51,510/- Balance. It means Valuation of stock is 50,000/- or 51,510/-?
28 August 2012
50000, also the vat and tcs should be shown sepratly and should not become part of the cost of purchase as both these taxes are adjustable.
CAclubindia
