banner_ad

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.
Profile Image

CMA Ramesh Krishnan

Profile Image

CMA Ramesh Krishnan (Expert)
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
Profile Image

CMA Ramesh Krishnan

Profile Image

CMA Ramesh Krishnan (Expert)
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


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details