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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Journal entry-tax on purchase of asset
Replies (2)
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
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
Gst credit not available on vehicle purchase for business purposes and so above entry is correct
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