Transffer a moter cycle to fixed assests


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
29 August 2011 I AM WORKING A TWO WHEELER SELLING COMPANY.
AND WHEN I PURCHASE A TWO WHEELER THEM I PASSED ACCOUNTING ENTRY AS

PURCHASE 12.5% DR
INPUT VAT @ 12.5% DR
ADD INPUT VAT @ 2% DR
TO XYZ

WHAT ENTRY WILL I DO WHEN I TRANSFER 1 NO OF MOTOR CYCLE TO FIXED ASSETS.
WILL I CHARGED VAT 12.5% + SAT 2% ON TRANSFERRED GOODS.


29 August 2011 Own use the no need to charge VAT.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
29 August 2011 But when i purchase it then i paid Vat Tax
Now how can i adj vat

01 September 2011 incase input vat allowable on capital goods under local VAT scheme then you can utilise the same other wise need to be reversed and add to fixed asset value


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
ARTICLESHIP 07 November 2026
Article Assisstant

DPV & Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
Featured 27 October 2026
semi-qualified CA

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Final

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
Featured 07 November 2026
Paid Assisstant

DPV & Associates

Chennai

CA Inter

View Details