Dear all
we were purchased one machine costing Rs.3,58,875/- (including VAT @ 12.50% Rs.39,875/-). When i am capitalizing this one how much amount should i capitalize (Rs.3,58,875/- (including VAT) or Rs.3,19,000/- (Exclduing VAT)) as per Andhra Pradesh VAT. Advise me as soon as possible
Thanks
Raj Kumar
Dear Raj,
You have to capitalize the asset to AUC account for Rs.3,58,875/- which is including VAT. Hope your doubt is clarified.
Balu
T R SOOD & CO
New Delhi
CA Inter
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