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This query is : Resolved

rajesh (Querist)
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04 November 2010 what should be the entry in tally
in case a company purchasing machinery or any fixed assets, with duties&taxes.
explain it briefly..........

CA Ankit Shah

CA Ankit Shah (Expert)
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04 November 2010 Plant & machinery A/C. Dr.
To Party A/c.(if purchase on credit) Cr.
To Bank A/c. (If paid through Bank) Cr.

Plant & machinery A/C. Dr.
To Bank A/c. Cr.
(in Narration write paid as duties and taxes for purchase p & M)

NoTE: expenses incurred for purchase of p & M, should be capitalized.

If satisfied, reply by thanks

sudhakar ca cwa

sudhakar ca cwa (Expert)
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04 November 2010 Plant & Machinery A/C DR
Cen Vat A/C DR
Cen Vat (50%) A/C DR
Input Vat A/C DR
To Party A/c.(if purchase on credit) Cr.
To Bank A/c. (If paid through Bank) Cr.

Plant & machinery A/C. Dr.
To Bank A/c. Cr.

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