In this paper, based on Hill's general variational principle(l958-1959), a variational equation in intitial configuration ( reference configuration) and current configuration ( reference configuration ) is derived using convetced coordinates.The derived variational equation is for large elastoplastic, double nonlinear rate problem and is suited for finite element caculation.As an applied example of the derived variational equation, necking of a plane strain ploymer sheet with a initial geometric inperfection ( initial neck ) is analysed using the finite formulation based on the derived variational equation. Work hardening of materials is considered.The derived variational equation in this paper is suitable for analysing large elastoplastic deformation problem including metal forming processes.