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Book entry in accounts.

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(Querist)
20 November 2011 How to record vat component of Expenses(indirect) and fixed assets in books of accounts?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 May 2012 1. In case of expenditure:

Expense A/c Dr. (Gross amount)
Input VAT Credit A/c Dr
To Creditor

2. In case of fixed assets

Fixed Assets A/c Dr
Input VAT Credit A/c Dr (50% of VAT)
Input VAT Credit Receivable Dr (50% of VAT)
To Creditor

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