entry for purchase of consumable
This query is : Resolved
07 September 2010
hello friends,
for purchase of consumable items following entry is passed by a ltd company.
consumables a/c--------dr
vat a/c----------------dr
To Party A/c
my query is since vat credit is not allowed on consumables items is this treatment correct??
please clarify
thanx in advance
my id abhipcc@rediffmail.com
for purchase of consumable items following entry is passed by a ltd company.
consumables a/c--------dr
vat a/c----------------dr
To Party A/c
my query is since vat credit is not allowed on consumables items is this treatment correct??
please clarify
thanx in advance
my id abhipcc@rediffmail.com
08 September 2010
Input vat on consumable Items related to Manufacturing of Goods/ reparing of Machinery is allowed for credit.
Entry is ok
Entry is ok
08 September 2010
ya its ok
but be specific for vat matching
expample
Consumables 4% a/c dr 100
input vat 4% A/c dr 04
to Party 104
but be specific for vat matching
expample
Consumables 4% a/c dr 100
input vat 4% A/c dr 04
to Party 104
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