we have purchased chairs for Rs 26000/- which include 2990/- vat
we booked in 26000 in our account.
no i want to know how to calculate Dep on this
whether dep calculated on 26000 or 23010??
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Vat include in capital assets or not
Replies (2)
if you are taking input credit of 2990 then chair shall be entered in books at a value of 23010 and dep. will also be calculated on 23010. but if you are not taking input credit then chair will be booked at 26000 and dep. will also be calculated on this amount.
Agreed with Tribhuvan Aditya Singh.
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