What is the entry in folllowing cases

 

1.Excise Bill for Purchase

A LTD
Purchase 100000
Excise 12.5% 12500
Total 112500
Vat 5% (of Total) 5625
Grand Total 118125

-a-

Purchase 5% Local Dr                      112500

Input vat 5% Dr                                  5125

                To A                                                       118125

-ea-

 

2.Vat on Expenses

G LTD
Office Stationary 8000
vat 5% 400
  8400

-a-

Office Stationery Expense Dr      8400

                                To G                                       8400

-ea-

 

3.  Service Tax on Expenses

AIRTEL
TELEPHONE 2500
Service Tax 14% 350
  2850

-a-

Telephone Expense Dr                  2850

                    To Airtel Dr                                     2850

-ea-

 

4.Vat on Machine used in Office

D LTD
Machine 90000
vat 5% 4500
  94500

-a-

Machine Dr                                         94500

        To D Ltd                                                        94500

-ea-

 

5.Vat on Machine Used in Production or Sales (Capital Goods)

D LTD
Machine 90000
vat 5% 4500
  94500

-a-

Machine Dr                                                           90000

      Input Vat Capital Goods Current year Dr       1500

       Input Vat Capital Goods Deferred Dr            3000

                                To D                                                       94500   

 

Entry next year

Input Vat Capital Goods Current year Dr       1500

  To Input Vat Capital Goods Deferred            1500

 

Entry next to next year

Input Vat Capital Goods Current year Dr       1500

  To Input Vat Capital Goods Deferred            1500

 

-ea-

  1. Accounts and Finance
  2. Accounts with Taxes
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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