accounting entry
This query is : Resolved
17 August 2010
hello,
When an asset is bought for Rs 100000 + vat 12.5% (pls confirm this rate) then what is the accounting entry in tally. pls mention groups for the ledgers to be created.
thanks
kirti.
When an asset is bought for Rs 100000 + vat 12.5% (pls confirm this rate) then what is the accounting entry in tally. pls mention groups for the ledgers to be created.
thanks
kirti.
CMA Ramesh Krishnan
(Expert)
17 August 2010
As per AS-10 , the fixed asset need to capitalise the Asset value plus the non refundable taxes and duites. So if you can take the VAT on capital goods then the VAT portion cannot be added to fixed asset, if you are not taking VAT on Capital goods then you can add the VAT value to the asset
17 August 2010
Your 2nd line says Vat cannot be added. Then 3rd line says it can be added.
pls mention the accounting entry.
pls mention the accounting entry.
CMA Ramesh Krishnan
(Expert)
17 August 2010
If your VAT act allows take input credit on capital goods you no need to add the VAT value to the goods, otherwise you need to add to fixed asset
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