Accounting entry

This query is : Open

Gurwinder Singh (Querist)
Follow

24 December 2013 We have manufacturing unit in punjab & purchased Boiler from Delhi @ 120000.00 agst. C form with 2% cst.

My Q. is what will be accounting entry for the same as i wants to show it in purchase ( for getting C form from sales tax department) & in fixed assets also ( to charged Depreciation )

Kindly Help.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

24 December 2013 Incase your CST registration allows you to purchase boiler against C form you can apply and get from department

entry will be add the CST as cost of purchase of fixed asset

Dr: Boiler
Cr:Vendor a/c

Gurwinder Singh

Gurwinder Singh (Querist)
Follow

24 December 2013 Dear Sir can i pass entry- purchase capital goods for showing purhase & than can i transfer purchase capital goods a/c to boiler a/c for depreciation ?

Manish Bhandari

Manish Bhandari (Expert)
Follow

24 December 2013 If you are talking in terms of presentation as per VAT you can do that exercise. Like debit the asset to purchase a/c as capital purchase and then transfer to Fixed Asset A/c.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now