Question about jounal entry Purchased a machinery I have to affect this entry on purchase a/c as well as fixed assets also I want to take tax set off, How can I ?suppose I pass purchase entryParty / Purchase Dr. (Creditor)To Machinery Net 4% cr.(Purchase)To Vat 4% cr.(Duties Taxes) Fixed asset machinery Machinery a/c dr. (fixed assets)To party/ or purchase or what ?
Well you are not very clear with your question , you need to be clear about what you are trying to do, Did you receive an invoice for the fixed asset or the payment has already been made ? answer would depend on the situation: Although i think the main entry you are after is DR Fixed assets ( machinery) DR VAT paid- (assuming ur subledger doesnt pick up any VAT) CR Trade creditors this would be the main journal, in between these journals you could have as many journals as you want in between. Hope this helped.
first of all alter the Machinery ledger and set it to yes in USE IT IN VAT RETURNS then in JOURNAL mode, make the entry as : Debit Machinery A/c and credit to the Party a/c
Well you are not very clear with yoUr question , you need to be clear about what you are trying to do, Did you receive an invoice for the fixed asset or the payment has already been made ? answer would depend on the situation: Although i think the main entry you are after is DR Fixed assets ( machinery) DR VAT paid- (assuming Ur sub ledger doesn't pick up any VAT) CR Trade creditors see the above entry when ur paid first and purchases the machinery in last month and invoice received in this month u can take vat Cr ok it will depand upon this type of situation
