HELLO FRIENDS, MY CLIENT IS A WHOLESALE DEALER BESIDES THIS DURING THE YEAR HE RECEIVES SOME GOODS AS CONSIGNMENT AND SOLD IT AND COMMISION IS CREDITED TO ITS P/L A/C. I WANT TO ASK WHETHER SALES AND PURCHASE OF CONSIGNMENT GOODS TO BE SHOWN IN TRADING A/C OR NOT.
BUT WHEN THEY RECEIVE GOODS ON CONSIGNMENT THEY ISSUE FORM F AS BRANCH TRANSFER.
NOW IN THE VAT RETURNS WHETHET TOTAL SALES AND PURCHASE INCLUDING THE CONSIGNMENT TO BE SHOWN OR NET OF CONSIGNMENT SALES.
PLS. HELP ME.
CAclubindia
