ACCOUNTING ENTIRES

1624 views 3 replies

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

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.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details