asset value
This query is : Resolved
vijayabhaskarareddy
(Querist)
14 November 2008
if we purchase an asset For Rs.35000/-
that is inclusive of vat Rs.2500/-, my question is can i make entry for as value of asset is Rs.35000/- or as Rs.32500/-( After deducting vat Rs.2500/-)
that is inclusive of vat Rs.2500/-, my question is can i make entry for as value of asset is Rs.35000/- or as Rs.32500/-( After deducting vat Rs.2500/-)
Ajith Kumar
(Expert)
14 November 2008
if you are taking the Input Vat credit. then the value will be 32500, otherwise it is Rs.35000
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