To record purchase of capital goods
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Press Ctrl+V to switch to voucher mode.
3. Click F12: Configure.
In the configuration screen,
1. Click F12: Advanced.
2. Set the option Allow expenses/fixed assets in purchase vouchers? to Yes.
3. Press Ctrl+A to accept the configuration screen.
4. Enter Supplier Invoice No. and Date.
5. Credit the party ledger and enter the amount.
6. Debit the fixed assets ledger (grouped under Fixed Assets and with Purchase Taxable - Capital Goods selected as nature of transaction), and enter the assessable value.
7. Debit current assets ledger created under Current Assets.
o Enter Assessable Value, VAT Rate % and VAT Amount Claimable in the Input Credit Details screen.
o Press Enter to return to the voucher screen.
The purchase invoice appears as shown below:
8. Enter Narration, if required.
9. Press Enter to save.
To reverse the input tax credit for purchase of capital goods
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment to select the required options in the Stat Adjustment Details screen.
In the Stat Adjustment Details screen,
1. Select VAT as the Type of duty/tax.
2. Select Input Tax Credit Admitted On Capital Goods as the Nature of adjustment.
3. Press Enter to save.
3. Debit VAT ledger.
4. Enter Amount Claimed for the reporting period in Credit Settlement Details screen.
5. Credit the current assets ledger.
The journal voucher appears as shown below:
6. Enter Narration, if required.
7. Press Enter to save.
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