voucher entry

This query is : Resolved

Ram Prakash Gautam (Querist)
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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 ?????????

Ram Avtar Singh

Ram Avtar Singh (Expert)
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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.

Ram Prakash Gautam

Ram Prakash Gautam (Querist)
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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 ????

Ram Prakash Gautam

Ram Prakash Gautam (Querist)
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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.

Ram Prakash Gautam

Ram Prakash Gautam (Querist)
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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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

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