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Journal entry-tax on purchase of asset

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1 Points Posted on 07 October 2018

Hi,

 I wished to know the journal entry for the tax paid on purchase of a vehicle(for business purpose which is treated as an asset).

 

Thanks

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On 07 October 2018 at 18:22 Report
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nothing
59 Points Posted on 07 October 2018
Asset A/c Dr
To Party A/c

( including tax amount)

in this case tax credit is not available, depreciation is charged on entire cost of asset including tax amount
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On 07 October 2018 at 18:38
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student
48 Points Posted on 07 October 2018
Gst credit not available on vehicle purchase for business purposes and so above entry is correct
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On 07 October 2018 at 20:29


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