fixed assets purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 April 2011
I have purchased my factory machinery with VAT....Do I take this as Input VAT or take full amt. of assets as Fixed Assets with take Input tax credit of VAT ?
of if I can take VAT input credit then give me the accounting entry of purchase machinery including VAT ?
thanks for your coopertion
of if I can take VAT input credit then give me the accounting entry of purchase machinery including VAT ?
thanks for your coopertion
16 April 2011
hI
yes you can avail 100% input on capital goods only when the capital goods used directly or indirectly for the production .
Fixed assests DR XXXX
Vat Input DR XXXX
Creditors CR XXXX
yes you can avail 100% input on capital goods only when the capital goods used directly or indirectly for the production .
Fixed assests DR XXXX
Vat Input DR XXXX
Creditors CR XXXX
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