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.
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Input Credit Adjustment
Replies (1)
1. Machine A/c ......Dr 50000
Vat receivable.....dr 2000
To Supplier 520000
2. Vat payable a/c dr 55.54
to Vat receivable 55.54
(Vat adjustment entry)
3. Vat payabe dr 2754.54
To SBI a/c 2754.54
(Being vat for the month paid )
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