how to pass following entry in tally

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Jayesh (Querist)
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05 December 2016 1) 26-6-16= Aman Motors purchased Vertical Honing Machine at Rs. 1872000 ivAT 09 4%) from Susmit& Son's. Vide bill no. SS-022. On 26-5-09 Tax author. ities allowed a tax credit of Rs. 60000 to be set off in 12 monthly instal- ments Hint: Enter the above entry in three transactions, first capitalize the full value in purchase voucher then pass a journal entry for the input credit allowed and finally pass a journal entry for claiming the instalment for the month.

Jayesh

Jayesh (Querist)
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05 December 2016 any one have answer please

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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28 July 2024 To pass the entries in Tally for the transactions related to the purchase of the Vertical Honing Machine and the VAT credit, follow these steps:

### **1. Purchase Entry:**

**Date:** 26-06-2016
**Voucher Type:** Purchase Voucher

**Transaction Details:**
- **Debit** the Fixed Asset account for the full value of the machine.
- **Credit** the Supplier's account.
- **Debit** VAT Input Credit account for the VAT amount.

**Tally Entry:**
1. Go to **Gateway of Tally** > **Accounting Vouchers** > **F8: Purchase**.

2. **In the Purchase Voucher:**
- **Date:** 26-06-2016
- **Supplier Name:** Susmit & Son's
- **Invoice No.:** SS-022

**Debit:**
- **Vertical Honing Machine (Fixed Asset):** Rs. 18.72L

**Credit:**
- **To Susmit & Son's (Creditors):** Rs. 18.72L

**VAT Input Credit:**
- **VAT Input Credit Account:** Rs. 60K (Debit)

**Narration:** "Purchased Vertical Honing Machine from Susmit & Son's. Invoice No. SS-022. VAT 4% Rs. 60,000."

### **2. VAT Input Credit Journal Entry:**

**Date:** 26-05-2009 (date when the VAT credit was allowed)
**Voucher Type:** Journal Voucher

**Transaction Details:**
- **Debit** the VAT Input Credit account for the allowed credit.
- **Credit** a provision account if applicable.

**Tally Entry:**
1. Go to **Gateway of Tally** > **Accounting Vouchers** > **F7: Journal**.

2. **In the Journal Voucher:**
- **Date:** 26-05-2009

**Debit:**
- **VAT Input Credit Account:** Rs. 60K

**Credit:**
- **Provision Account / Miscellaneous Account (if any):** Rs. 60K

**Narration:** "VAT Input Credit of Rs. 60K allowed for Vertical Honing Machine."

### **3. Claiming the VAT Instalment:**

**Date:** Each month as per the instalment schedule. For example, if claiming for the month of June, date would be 30-06-2016.
**Voucher Type:** Journal Voucher

**Transaction Details:**
- **Debit** the VAT Input Credit account for the amount of the monthly instalment.
- **Credit** the VAT Credit Receivable or similar account.

**Tally Entry:**
1. Go to **Gateway of Tally** > **Accounting Vouchers** > **F7: Journal**.

2. **In the Journal Voucher:**
- **Date:** [End of each month]

**Debit:**
- **VAT Credit Receivable Account:** Rs. 5K (Assuming 60K/12 = 5,000 per month)

**Credit:**
- **VAT Input Credit Account:** Rs. 5K

**Narration:** "Claimed VAT instalment for the month."

### Summary:

1. **Purchase Entry:** Record the purchase and VAT input credit.
2. **VAT Input Credit Journal Entry:** Record the VAT credit allowed.
3. **Claim VAT Instalment:** Record each monthly VAT instalment claimed.

Ensure that all VAT and accounting entries are compliant with local tax regulations and accounting practices.

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