Book entry in accounts.
This query is : Resolved
20 November 2011
How to record vat component of Expenses(indirect) and fixed assets in books of accounts?
20 November 2011
for expenses, book it under that expenses head only.
for Fixed assets, if credit is eligible, debit it to VAI Input account. And if not eligible, capitalise the vat amount and debit to that fixed asset account only.
for Fixed assets, if credit is eligible, debit it to VAI Input account. And if not eligible, capitalise the vat amount and debit to that fixed asset account only.
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