dear sir,
what is journal entry for capital goods for company? In vat Capital goods itc claim 3 years. how to create journal entry for tally? pls hepl me
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Journal entry
Replies (1)
Dear srikumar,
Just like normal entry of purchase,you can enter it in tally but incase of vat you have to claim the itc in three installments i.e. 1/3rd of total credit in one installment. but you have to claim the itc in same qtr of next two year.
Ex. if u claim itc on 1st qtr 2012-13 then remaining two installment should be claimed in 1st qtr of 13-14 and 14-15.
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