Dear Sir,
Plz solve this problem
Vat on Capital goods & Input Credit Adjustment on capital Goods.
1.Purchsed Machinery worth Rs-50000 from ICON Machinery on 1.12.2007 with 4% Vat. 2.Pass the Input credit adjustment entry on Machinery Purchsed, For the first Installment of 36 Installment, On 01.01.2008.
3.Pass the Vat Adjustment Entry by using the VAT Class on 01-1-2008 (Vat Payble-2754.44).
4.Pay the Vat amount on 01-1-2008 through SBI Cheque.
CAclubindia
