voucher entry
This query is : Resolved
10 January 2011
i have a bill of machinary purchasing
details below
party name :- dutta garment machine
sub total ;- 68500/-
cst 2% :- 1370/-
freight & cartage :- 2500/-
total :- 72370/-
than what will be entry in books......
i will pass it j.v........
than i wan to know can i get tax benifit in sale tax ret. ???????????
plz guide me bcz i m confused in this entry bcz discussion is more
& same party in other bill as below
sub total 601000
vat 5% 30050
cess 1502
freight 1500
grand total 634052
than wat will be entry ?????????
details below
party name :- dutta garment machine
sub total ;- 68500/-
cst 2% :- 1370/-
freight & cartage :- 2500/-
total :- 72370/-
than what will be entry in books......
i will pass it j.v........
than i wan to know can i get tax benifit in sale tax ret. ???????????
plz guide me bcz i m confused in this entry bcz discussion is more
& same party in other bill as below
sub total 601000
vat 5% 30050
cess 1502
freight 1500
grand total 634052
than wat will be entry ?????????
10 January 2011
Machiner A/c Dr 72370
to Dutta Garment machine 72370
AS per as all expenses up to instalation of machinery should be capitalize.
to Dutta Garment machine 72370
AS per as all expenses up to instalation of machinery should be capitalize.
10 January 2011
some person say entry will be
mach. dr 68500
cst dr. 1370
freight dr. 2500
dutta cr. 72370/-
& 2nd situation
machinary dr. 601000
vat input 5% dr. 30050
cess 5% dr. 1502
freight dr. 1500
dutta cr. 634052
r both right ????
mach. dr 68500
cst dr. 1370
freight dr. 2500
dutta cr. 72370/-
& 2nd situation
machinary dr. 601000
vat input 5% dr. 30050
cess 5% dr. 1502
freight dr. 1500
dutta cr. 634052
r both right ????
10 January 2011
dear ram avtar sir,
it means no dirct value will be debit & party will be credit . no vat, cst, freight will b calculate.
it means no dirct value will be debit & party will be credit . no vat, cst, freight will b calculate.
10 January 2011
Dear Avtar sir, my point is .... can we claim vat input on this fixed assets as per rules 1/3 of vat/cst we can claim.
we are seeking clarification on this issue..plz help me out.
we are seeking clarification on this issue..plz help me out.
14 January 2011
In this we need to see the Input VAT applicability , in case if you are taking Input VAT, you can take entry first as Purchase with VAT & further you need to transfer from purchase to fixed asset account with only asset value
for avoiding confusion you can create one separate ledger called " Purchase- Fixed asset" under purchase
for avoiding confusion you can create one separate ledger called " Purchase- Fixed asset" under purchase
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