Purchase entry
This query is : Resolved
19 August 2011
A manufacturing company purchase a printer for office use.
Purchase price Rs 5200.00 (includes vat Rs 200.00).
Please inform me , it is Asset & the Accounting entry.
Purchase price Rs 5200.00 (includes vat Rs 200.00).
Please inform me , it is Asset & the Accounting entry.
U S Sharma
(Expert)
19 August 2011
computer and accessories a/c dr 5200
to cash / bank ......................5200
vat credit is not available on printer / computer as it does not qualify the capital goods under vat act and not mandatory for manufacture of goods,
to cash / bank ......................5200
vat credit is not available on printer / computer as it does not qualify the capital goods under vat act and not mandatory for manufacture of goods,
BHAI(SAI) DUPARE
(Expert)
20 August 2011
is there having any notification for vat credit not available on printer........ please provide link.
as per my knowledge vat credit is available after reduction of 3% vat
as per my knowledge vat credit is available after reduction of 3% vat
20 August 2011
I agree with the experts
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