Fixed Assets Accounting
This query is : Resolved
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
--------
Rs.118.56
--------
With regards,
Rajesh.
For example the cost of the Fixed Asset is Rs. 118.56
Base Price = Rs.100
Excise Duty= Rs.14
VAT = Rs.4.56
--------
Rs.118.56
--------
With regards,
Rajesh.
19 July 2010
FA A/c Dr 104.56
Cenvat Credit Receivable Dr 14
To Sundry Creditor 118.56
Cenvat Credit Receivable Dr 14
To Sundry Creditor 118.56
20 July 2010
FA A/c Dr 104.56
Cenvat Credit Receivable Dr 7 (c.y)
Cenvat Credit Receivable Dr 7 (next yr.)
To Bank/Sundry Creditor 118.56
instead of capitalizing, VAT credit can also be availed if the FA is plant & machinery for manufacturing unit.
Cenvat Credit Receivable Dr 7 (c.y)
Cenvat Credit Receivable Dr 7 (next yr.)
To Bank/Sundry Creditor 118.56
instead of capitalizing, VAT credit can also be availed if the FA is plant & machinery for manufacturing unit.
24 July 2010
AGREE WITH PUNIT JI
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