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Entry for Fixed Assets

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(Querist)
18 October 2010 following entry is passed for pur of fixed assets by a pvt. company.

1)office equipment a/c--drRs1000
vat@12.5%-------------drRs125
To Party A/c-----------------Rs1125

2) office Equipment a/c -----drRs30
To Vat@12.%---------------Rs30

plz. let me know whether this entry is correct or not.

plz. someone send me file containing treatment of vat on various fixed assets.

my id abhipcc@rediffmail.com
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
19 October 2010 I am not able to understand what is the meaning of entry (2).

Is it has been passed for net amount paid for sales tax, then your entry is correct.

It is my advise to also mention the narration of entry.
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SANJAY TALATI

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SANJAY TALATI (Expert)
19 October 2010 Yes., narration will make the question clear. Pl. provide the narratition so as to guide properly.
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Kishanlal Paliwal

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Kishanlal Paliwal (Expert)
20 October 2010 VAT account is to posted only when input credit is available and adjustable against output VAT.

Regards
K.L.Paliwal
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