Sale value

This query is : Resolved

CA Mahesh Gurjar (Querist)
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11 December 2009 Dear Experts

A Sale of a Company Rs. 110000(including Rs. 10000 of Output vat)

Please tell me in above case how much amount show in Sale a/c

A Purchases of Company Rs. 100000(including Rs. 10000 of Input vat)

Please tell me in above case how much amount show in Purchase a/c and Profit and Loss a/c

and How much amount will debit in Indirect Expense as a expenses

Regards
Mahesh Gurjar

C.A.Harish Singh

C.A.Harish Singh (Expert)
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11 December 2009 Mr. Mahesh u can show the sales at gross value ie including of output vat & debit output vat in ur P&L a/c or u can show sale at net value.

Input Vat included in purchase should be shown in sepratly in B/S as Input Vat Credit as u have to take credit in next month or F.Y..