HI,
PLS CONFIRM ME WHAT IS THE ACCOUNTING ENTRIES BY TAKING INTO CONSIDERATION OF INCOME TAX & VAT
ORIGINAL ASSET COST 110000
LESS : BUY BACK OLD 10000
NET PAYABLE RS. 100000
PLS TELL ME
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ACCOUNTING ENTIRES
Replies (3)
| Originally posted by :TRILOCHAN | ||
| " | HI, PLS CONFIRM ME WHAT IS THE ACCOUNTING ENTRIES BY TAKING INTO CONSIDERATION OF INCOME TAX & VAT ORIGINAL ASSET COST 110000 LESS : BUY BACK OLD 10000 NET PAYABLE RS. 100000 PLS TELL ME |
" |
What r u want?? I think in a/cing entry there is no effect on VAT..
if i understand ur query properly,The entries are
First u should transfer old assets balance in Dispoal A/c.than after...
New Assets a/c Dr
To old assets disposal A/c
To Respective party/ Bank a/c
If there is loss than
Profit & loss a/c Dr
To Old assets disposal A/c*
*In case of profit reverse entry made.
IF I MAKE THE ENTRIES
NEW ASSET A/C DR RS 100000
TO PARTY 100000
WHAT IS THE PROBLEM
| Originally posted by :TRILOCHAN | ||
| " | HI, PLS CONFIRM ME WHAT IS THE ACCOUNTING ENTRIES BY TAKING INTO CONSIDERATION OF INCOME TAX & VAT ORIGINAL ASSET COST 110000 LESS : BUY BACK OLD 10000 NET PAYABLE RS. 100000 PLS TELL ME |
" |
Vendor A/c...................Dr. 10,000
To Old Asset A/c 10,000
New Asset A/c.........Dr. 1,00,000
Input Vat A/c.............Dr. 12,500
To Vendor A/c 1,12,500
For simplification i've taken gross amt-1,00,000 and so VAT wil be 12,500.
When there is sales Output VAt is credited. And diff between input and output is paid. However input of vat on capital goods is not availble in the first year itself, it will be on depriciation basis,as per VAT rules.
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