Accounting for Fixed Assets...Urgent sir!!!

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Rajesh (Querist)
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19 July 2010 Please provide me the accounting entry in case where the purchase of Fixed Asset wants to claim Cenvat Credit in that fixed asset.
For example the cost of the Fixed Asset is Rs. 118.56
Base Price = Rs.100
Excise Duty= Rs.14
VAT = Rs.4.56
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Rs.118.56
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With regards,
Rajesh.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 July 2010 Book the asset at Rs. 104.56 and debit Rs. 14 to cenvat credit account and credit the party a/c.

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srinath

srinath (Expert)
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20 July 2010 Assets a/c Dr. 100
Cenvat a/c Dr. 7 Prepaid cenvat (for next year ) Dr. 7
VAT a/c Dr. 2.28
Prepaid VAT (for next 2 years) Dr. 2.28
To party A/c 118.56
(this entry is provided the company is in a position to set off both cenvat as well as vat)

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