Purchase entry

This query is : Resolved

P. SHARMA (Querist)
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19 August 2011 A manufacturing company purchase a printer for office use.
Purchase price Rs 5200.00 (includes vat Rs 200.00).
Please inform me , it is Asset & the Accounting entry.

U S Sharma

U S Sharma (Expert)
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19 August 2011 computer and accessories a/c dr 5200
to cash / bank ......................5200

vat credit is not available on printer / computer as it does not qualify the capital goods under vat act and not mandatory for manufacture of goods,

BHAI(SAI) DUPARE

BHAI(SAI) DUPARE (Expert)
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20 August 2011 is there having any notification for vat credit not available on printer........ please provide link.
as per my knowledge vat credit is available after reduction of 3% vat

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