Purchase of furniture
company made some purchase of furniture(under fixed asset) for the office. white filing the vat return it is being reflecting under capital goods. appreciate, if you can let me know if it is correct
Sales (Outwards) :
Domestic Taxable Supplies@ 5%
Purchases (Inwards) :
Domestic Taxable Purchases@ 5% -------> showing local purchase
Purchases@ 5% (2,261.90)
Domestic Taxable Purchases - Capital Goods@ 5%.......>> in this row it is showing furniture purchase transaction.
Tax payment (included)
Tax payments (not included/uncertain)
Tax paid at customs
Balance VAT Payable
Hope it is correct. This account belong to company in dubai.