For fixed asset
This query is : Resolved
17 April 2012
Dear sir's,
if brought capital goods how can i account in tally and avail vat
and how will show in fixed asset ledger,
kindly guide me
Regards
Rajakumar.R
if brought capital goods how can i account in tally and avail vat
and how will show in fixed asset ledger,
kindly guide me
Regards
Rajakumar.R
prateek aanchalia
(Expert)
17 April 2012
When capital assets come in the business than
Fixed Assets A/c DR
To Cash/bank/supplier A/c
when on assets vat credit is taken than that amount is not part of assets. so that amount u not capitalised.
Fixed Assets A/c DR
To Cash/bank/supplier A/c
when on assets vat credit is taken than that amount is not part of assets. so that amount u not capitalised.
CA CS Amit S. Kedia
(Expert)
17 April 2012
If the VAT credit is available on the fixed asset then the accounting entry in the books will be as follows-
Fixed assets A/c Dr xxx
Input Vat Receivable(Fixed Assets) Dr xxx
Cash/bank/Supplier A/c xxx
the above entry will be passed if the inout tax credit is available in the year of purchase otherwise entry will be different and full vat credit will go in deferred VAT credit receivalbe A/c and will get adjusted over the period of allowability.
Fixed assets A/c Dr xxx
Input Vat Receivable(Fixed Assets) Dr xxx
Cash/bank/Supplier A/c xxx
the above entry will be passed if the inout tax credit is available in the year of purchase otherwise entry will be different and full vat credit will go in deferred VAT credit receivalbe A/c and will get adjusted over the period of allowability.
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