Valuation of Fixed Asset
This query is : Resolved
16 September 2010
Dear all,
Kindly provide me the soln for the below query
e.g Plant purchased Rs. 100/- vat charged @12.5%. Under MVAT we can claim input vat in excess of 3%.Hence out of 12.5Rs paid to Govt we can claim Rs. 9.5/- as input against our vat liability.
But what about Rs.3/- which is retained ?
Should it be capitalised or shud be charged to P & L?
Kindly provide me the soln for the below query
e.g Plant purchased Rs. 100/- vat charged @12.5%. Under MVAT we can claim input vat in excess of 3%.Hence out of 12.5Rs paid to Govt we can claim Rs. 9.5/- as input against our vat liability.
But what about Rs.3/- which is retained ?
Should it be capitalised or shud be charged to P & L?
16 September 2010
Should be capitalised as cost of fixed assets cover purchase price, including import duties and other non-refundable taxes or levies
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16 September 2010
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16 September 2010
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