Hi,
I wished to know the journal entry for the tax paid on purchase of a vehicle(for business purpose which is treated as an asset).
Thanks
Menu
Journal entry-tax on purchase of asset
Replies (2)
Asset A/c Dr
To Party A/c
( including tax amount)
in this case tax credit is not available, depreciation is charged on entire cost of asset including tax amount
To Party A/c
( including tax amount)
in this case tax credit is not available, depreciation is charged on entire cost of asset including tax amount
Gst credit not available on vehicle purchase for business purposes and so above entry is correct
Recent Topic
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
Related Topics
CAclubindia
