Vat exp.
This query is : Resolved
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?????
20 June 2015
VAT should be expense out to P&L A/c
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.
20 June 2015
thank you sir
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.
22 June 2015
you have to capitalized in same machinery head
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
