Regarding for vat on assets
Querist : Anonymous
PLS TELL ME ACCOUNTING ENTRY FOR VAT ON ASSETS,
VAT input a/c Dr
TO Bank cr.
(Being car purchased and VAT input claimed) - Assuming you are a dealer in car.
for sale of motor vehicle
Bank account Dr.
to VAT out put a/c Cr
to Asset account Cr.
Querist : Anonymous
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