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
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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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