DEAR MEMBERS,
1 of our client,trading concern situated in Delhi,had sold in cash a machinery in Delhi at VAT @ 5%. Now what they did , they have passed the entries as follows:-
Local sales @ 5% a/c dr 1,00,000
To machinery a/c 1,05,000
now the queries I have is :
How could I know whether Fixed asset eligible for imposing VAT or not?
How can I determine the rate ?
How sale of machinery could be treated as sale of goods?
Though the VAT collected should be deposited to govt , so in DVAT RETURN how can we put these figures.
.
Please help as soon as possible.
CAclubindia
