Vat wrt fa
This query is : Resolved
24 February 2012
A fixed asset is bought for 100000 & vat is 12%.
State law says 50% cenvat is available for CY and balance over the next two years.
Entry passed is:
Fixed asset 100000
vat 12000
To Bank/Vendor 112000
What accounting entries are to be passed for
1. recording vat in CY for cenvat credit and
2. C/f balance vat for following 2 years.
(Q. is not state specific - for general understanding only).
State law says 50% cenvat is available for CY and balance over the next two years.
Entry passed is:
Fixed asset 100000
vat 12000
To Bank/Vendor 112000
What accounting entries are to be passed for
1. recording vat in CY for cenvat credit and
2. C/f balance vat for following 2 years.
(Q. is not state specific - for general understanding only).
03 April 2012
VAT Collected A/c Debit
VAT Paid Account Credit
This will reduce your liability for payment of VAT
VAT Paid Account Credit
This will reduce your liability for payment of VAT
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