Afzal Momin (CA FINAL) (177 Points)
21 August 2011
plz let me know how to pass an entry when there is a reduction in Mvat Purchases set off for purchases of Fixed Asset......
for eg if a computer is purchased and the mvat on it is 200/- the full set off is not allowed as some amt is reduced and the balance is only allowed to set off.......
so plz help me out regarding this issue........
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 21 August 2011
The value of asset would be reduced to the extent of credit is available and would be transferred to credit receviable account.Which in turn woul be adjusted against the liability of the respective period.
CAclubindia
