if asset is purchased under buyback scheme, and seller given invoiceof netamount. n vat on dat amount.

how to record.

Can I get set-off on vat of fixed asset?

DEAR EXPERTS

KINDLY HELP ME 

WHAT ENTRY WILL BE PASSED IF :-

1)  ANY ASSETS PURCHESED ON CREDIT 

2)  ANY ASSETS PURCHESED ON CASH  

Dear Experts,

i am eager to know that when any Assets purchesed why entry passed through  jouranl voucher in place of Purchae voucher  

vechicle bought (orginal cost 3lac out which)  H.O bear 50%

Entry for purchase and Depreciation

 

Jitu,

Remember the concepts taught in 11th Std. Purchase Journal (Subsidiary book / Sub-division of Journal) only used for purchase of Goods. Journal Proper used for the residual entries that don't fit into any other Subsidiary Books e.g. purchase of Fixed Assets & Depreciation.

Hope that replies your query.

Dear Devendra Sir, 

Please tell me that how is calculated set off (Retention) amount on printer..???

Means,

On Rs. 8500*3%=255 (How Rs. 412.25/- is calculated by you for set off..??) Please explain..

Please let me know how to pass the tv purchase entry including vat .and depriciation

Office Expenses will never get the VAT credit 

only the machinery (fixed Asset) which is directly facilitate our bussiness will get the input 

so printers and computers will never get the input credit

Dear Jitu

If Fixed Asset is purchased in Cash then

Cr    Cash        5000

Dr    Fixed Asset     5000

In the narration, all the item descripttion and invoice details to be mentioned

If Fixed Asset is purchased on Credit, then we have to create a Ledger "XYZ Supplier" under Sundry Creditors. , where assuming XYZ Supplier is the name of the supplier.

Then pass a journal entry as

Cr    XYZ Supplier       10000

Dr    Fixed Asset         10000

Then when you make a payment to the supplier, a payment voucher to be generated.

Regards

Basheer

Sir, DG purchased for factory use is it we can take vat input example DG Rs678000 + vat 37290 total 715290 what is treatment for vat in put account postings

Sir I purchase a Goggles and frames for uses of amount 30000 so what will be a group and entry ? Can you please tell me?