Easy Office
LCI Learning

Entry for Fixed Assets

This query is : Resolved 
Profile Image

Profile Image

(Querist)
18 October 2010 following entry is passed for pur of fixed assets by a pvt. company.

1)office equipment a/c--drRs1000
vat@12.5%-------------drRs125
To Party A/c-----------------Rs1125

2) office Equipment a/c -----drRs30
To Vat@12.%---------------Rs30

plz. let me know whether this entry is correct or not.

plz. someone send me file containing treatment of vat on various fixed assets.

my id abhipcc@rediffmail.com
Profile Image

CA Shailesh Kumar Bhagat

Profile Image

CA Shailesh Kumar Bhagat (Expert)
19 October 2010 I am not able to understand what is the meaning of entry (2).

Is it has been passed for net amount paid for sales tax, then your entry is correct.

It is my advise to also mention the narration of entry.
Profile Image

SANJAY TALATI

Profile Image

SANJAY TALATI (Expert)
19 October 2010 Yes., narration will make the question clear. Pl. provide the narratition so as to guide properly.
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

Kishanlal Paliwal

Profile Image

Kishanlal Paliwal (Expert)
20 October 2010 VAT account is to posted only when input credit is available and adjustable against output VAT.

Regards
K.L.Paliwal

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links