Entry for Fixed Assets
This query is : Resolved
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
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
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.
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.
19 October 2010
Yes., narration will make the question clear. Pl. provide the narratition so as to guide properly.
20 October 2010
VAT account is to posted only when input credit is available and adjustable against output VAT.
Regards
K.L.Paliwal
Regards
K.L.Paliwal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability of TDS on CFS, CHA fees, and shipping line charges
- Notice from IT DEPTT IF FD AMOUNT EXCEEDS 10 LACS
- Unable to generate and save json file for updated return
- GST payable under RCM
- Applicablity on tds
- Tax audit & Switching from Presumptive taxation
- PRODUCT AND SERVICE CATEGORY CODE
- Section 194I not showing in TDS RPU for Compnay Assessee for TDS on rent
- LTCG offset against property buy
- Query in filing Returns for International workers in EPFO
- Advance money given for supply of goods
- Import purchase entry
- Rule 54(1A) for Distributing ITC
- Received advance money for supply of goods but forfeited by us since full money not received
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
Trending Online Classes
-
LIVE Course on GSTR-9 & GSTR-9C (Technical | Practical | Concept - Based)
Sachin Jain03 November 2025
CAclubindia
