Please Help: Pls help:VALUE ADDED STATEMENT
Posted Date : 16-Feb-2013 , 09:26:30 pm | Posted By ARUN SHARMA
I am having problem relating to treatment of following items
1.director sitting fees
2.vat on sales included in sales in p/l
3.it refund
4.insurance claim
5.any loan receivable from employee deducted from his salary
Pls tell whether these are expense or application (in each case)
Thanks
1.director sitting fees
2.vat on sales included in sales in p/l
3.it refund
4.insurance claim
5.any loan receivable from employee deducted from his salary
Pls tell whether these are expense or application (in each case)
Thanks
Category : Accounts | Answers : 1 | Comments : 0 | Hits : 247
Answers
Answer By: Mrattunjay
1. Director fees: Expense 2. vat on sales included in sales: Expense 3. Refund of VAT: VAT Credit should be consider as receipt 4. insurance claim: receipt 5.any loan receivable from employee deducted from his salary: it is consider as receipts from employee- not a expense or income : this is just recovery
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