Vat wrt fa

This query is : Resolved

Alok mukherjee (Querist)
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24 February 2012 A fixed asset is bought for 100000 & vat is 12%.
State law says 50% cenvat is available for CY and balance over the next two years.

Entry passed is:
Fixed asset 100000
vat 12000
To Bank/Vendor 112000

What accounting entries are to be passed for
1. recording vat in CY for cenvat credit and
2. C/f balance vat for following 2 years.

(Q. is not state specific - for general understanding only).

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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03 April 2012 VAT Collected A/c Debit
VAT Paid Account Credit

This will reduce your liability for payment of VAT

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