Regarding for vat on assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2012
DEAR ALL
PLS TELL ME ACCOUNTING ENTRY FOR VAT ON ASSETS,
PLS TELL ME ACCOUNTING ENTRY FOR VAT ON ASSETS,
03 February 2012
Motor vehicle asset Dr.
VAT input a/c Dr
TO Bank cr.
(Being car purchased and VAT input claimed) - Assuming you are a dealer in car.
for sale of motor vehicle
Bank account Dr.
to VAT out put a/c Cr
to Asset account Cr.
VAT input a/c Dr
TO Bank cr.
(Being car purchased and VAT input claimed) - Assuming you are a dealer in car.
for sale of motor vehicle
Bank account Dr.
to VAT out put a/c Cr
to Asset account Cr.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2012
i m not car dealer ,then how i m treat vat on car purchase? m i claim vat amount?
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