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murali nellore (accountant)     07 July 2014

Fixed assets purchase with vat, custom & freigt

Hi Sir,

 

please give a solution for below transaction.

 

company has purchase fixed assets with VAT, Customs Duty & Frieght charges, so please guide me how to account this in books, my doubt is we have to show the Customs Duty & frieght charges in P&L or Total Invoice value has take it as a fixed assets?

Murali 

accountant



 1 Replies

Tribhuvan Aditya Singh

Tribhuvan Aditya Singh (Student as well as Self-employed)     07 July 2014

if cenvat credit and input credit of vat to be availed then only value of machinery to be taken as book value otherwise whole of invoice value will taken as book value of machinery.

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