To record capital goods purchase transaction
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Press Ctrl+V to display the voucher mode.
3. Enter Supplier Invoice No. and Date in the purchase voucher.
4. Credit the party ledger, and enter the amount.
5. Debit the capital goods ledger:
To select capital goods ledger
Click F12: Configure twice and enable the option Allow expenses/fixed assets in purchase vouchers.
Accept the Voucher Configuration screen.
o Grouped under Fixed Assets.
o Predefined with Purchase Taxable - Capital Goods (as the Classification / Nature).
6. Debit ledger grouped under Current Assets.
Note: If VAT ledger is debited, the VAT Details screen appears for providing tax Rate and Assessable Value.
7. Enter the transaction details for calculation of input tax credit in the VAT Details screen. The VAT Details screen appears as shown below:
The purchase voucher appears as shown below:
8. Press Enter to save.
The tax credit on purchase of capital goods accounted as current asset, can be availed as Input Tax Credit Admitted On Capital Goods.
To record a journal voucher
Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
Click J: Stat Adjustment button.
Select VAT as the Type of Duty/Tax.
Select Input Tax Credit Admitted On Capital Goods as the Nature of Adjustment.
Debit the VAT ledger.
Select the purchase bill reference in Credit Settlement Details screen and provide the relevant details.
Accept the Credit Settlement Details screen.
Enter the amount of VAT being availed.
Credit the ledger grouped under Current Assets.
Press Enter to accept.
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