For tax on fixed assets

447 views 1 replies

Hi,

i have to enred a entry of purchase of fixed assets entry.

Example i've purchase computer on this bill supplier have added a input vat @ 12.55 and additional tax @ 2.5%.

computer is fixed assets for me .now i'm confusing which vat class i have to take for it.

Dr. Computer               Rs.20000

Dr. inputvat                  Rs.2500

   Cr.  Xyz                                                Rs.22500

Is this right or not?

which vat class i have to take.

Replies (1)

If ou can take the input credit of the VAT then only you should pass this entry otherwise capitalise the whole amount including VAT.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register