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Regarding for vat on assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 February 2012 DEAR ALL

PLS TELL ME ACCOUNTING ENTRY FOR VAT ON ASSETS,
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
03 February 2012 Motor vehicle asset Dr.
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.
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 February 2012 i m not car dealer ,then how i m treat vat on car purchase? m i claim vat amount?
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