Fixed Assets Accounting

This query is : Resolved

Rajesh (Querist)
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19 July 2010 Please provide me the accounting entry in case where the purchase of Fixed Asset wants to claim Cenvat Credit in that fixed asset.
For example the cost of the Fixed Asset is Rs. 118.56
Base Price = Rs.100
Excise Duty= Rs.14
VAT = Rs.4.56
--------
Rs.118.56
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With regards,
Rajesh.

CA SMR

CA SMR (Expert)
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19 July 2010 FA A/c Dr 104.56
Cenvat Credit Receivable Dr 14
To Sundry Creditor 118.56

CA Punit

CA Punit (Expert)
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20 July 2010 FA A/c Dr 104.56
Cenvat Credit Receivable Dr 7 (c.y)
Cenvat Credit Receivable Dr 7 (next yr.)
To Bank/Sundry Creditor 118.56

instead of capitalizing, VAT credit can also be availed if the FA is plant & machinery for manufacturing unit.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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24 July 2010 AGREE WITH PUNIT JI

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