Vat exp.
This query is : Resolved
narayan jat
(Querist)
20 June 2015
dear sir,
a company has purchase machinery parts and he was pay vat @5 %. But company has record vat receivable and actually vat are not refundable, finally company have treated as VAT expenses and debited to P & L. what is right or wrong?????
a company has purchase machinery parts and he was pay vat @5 %. But company has record vat receivable and actually vat are not refundable, finally company have treated as VAT expenses and debited to P & L. what is right or wrong?????
Nischit Sanghavi
(Expert)
20 June 2015
VAT should be expense out to P&L A/c
CA Himanshu Ojha
(Expert)
20 June 2015
If it is possible to alter the entry, just remove that entry of taking Vat input and take it to the capitalized value of machinery.
And if not, let be in expenses.
And if not, let be in expenses.
narayan jat
(Querist)
20 June 2015
thank you sir
Moksha Kalyan ram A
(Expert)
20 June 2015
If it is for machinery it would be capitalised. You have indicated for machinery parts unless they add value to the machinery they are expensed.
Rupesh Jain
(Expert)
22 June 2015
you have to capitalized in same machinery head
Rupesh Jain
(Expert)
22 June 2015
you have to capitalized in same machinery head
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
