VAT on Fixed Assets
This query is : Resolved
12 July 2010
If we are capitalizing VAT on fixed assets then what is the treatment in VAT return for the same.
How can we account for the same.
How can we account for the same.
12 July 2010
Capitalise only net amount of asset, donot capitalise VAT amount.
In Vat return include value of fixed asset as purchase. Include value in statement of purchase/register.
As you will capitalise only net amount pass journal entry debiting net amount to fixed asset account and crediting net amount to purchase account(respective coloum in purchase register)
In Vat return include value of fixed asset as purchase. Include value in statement of purchase/register.
As you will capitalise only net amount pass journal entry debiting net amount to fixed asset account and crediting net amount to purchase account(respective coloum in purchase register)
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