entry for purchase of consumable
This query is : Resolved
07 September 2010
hello friends,
for purchase of consumable items following entry is passed by a ltd company.
consumables a/c--------dr
vat a/c----------------dr
To Party A/c
my query is since vat credit is not allowed on consumables items is this treatment correct??
please clarify
thanx in advance
my id abhipcc@rediffmail.com
for purchase of consumable items following entry is passed by a ltd company.
consumables a/c--------dr
vat a/c----------------dr
To Party A/c
my query is since vat credit is not allowed on consumables items is this treatment correct??
please clarify
thanx in advance
my id abhipcc@rediffmail.com
08 September 2010
Input vat on consumable Items related to Manufacturing of Goods/ reparing of Machinery is allowed for credit.
Entry is ok
Entry is ok
08 September 2010
ya its ok
but be specific for vat matching
expample
Consumables 4% a/c dr 100
input vat 4% A/c dr 04
to Party 104
but be specific for vat matching
expample
Consumables 4% a/c dr 100
input vat 4% A/c dr 04
to Party 104
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
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Experts need help
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
