Stock transfer to fixed asset
This query is : Resolved
Ashish Bhalara
(Querist)
07 June 2012
We authorized dealer of car. We purchase a demo car and treated as a purchase and also show in VAT return as a purchase in Jun-2010. Now we want to capitalize this car to Fixed Asset but now confusion is that which account should be credited to transfer to FA. should i credit ledger of purchase to decrease the purchase.
What is the affect in Vat return by doing this. Please give the proper guidance.
What is the affect in Vat return by doing this. Please give the proper guidance.
Ca Anand Dubey
(Expert)
07 June 2012
yes as you dont have any other option. Accordingly revise the Vat return or show the impact of such entry in current vat return
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