Easy Office
LCI Learning

Vat

This query is : Open 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 April 2013 What will be the Entry if i Pay VAT on Purchase of Furniture.

For eg the Bill is as Follows:

Bill Amount 10,000
VAT @12.5% 1,250
Total 11,250

Reply ASAP
Profile Image

Ravi Jhamb

Profile Image

Ravi Jhamb (Expert)
20 April 2013 All expenses for purchasing assets is add into assets a/c

Furniture A/c 11250
To Bank/Cash A/c 11250
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 April 2013 Dont we get input credit of it ?? like VAT Purchases



Profile Image

Ravi Jhamb

Profile Image

Ravi Jhamb (Expert)
20 April 2013 Used Journal Voucher

Furniture A/c 10000
VAt 12.5% 1250
To Bank 11250
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 April 2013 Which is the Right Treatment ie Capitalise or take Input credit???
Profile Image

Ravi Jhamb

Profile Image

Ravi Jhamb (Expert)
20 April 2013 Input is taken on production goods instead of assets. assets credit not surely approved by clerk of sales tax.
Profile Image

Ravi Jhamb

Profile Image

Ravi Jhamb (Expert)
20 April 2013 Just check out Sales Tax made for Sales and Purchase of trading goods. You can take credit whose goods you are doing business.
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 April 2013 Thank You For Help




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

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links