To record purchase of capital goods
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchases.
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 save 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 the ledger grouped under Current Assets.
o Enter Commodity Name, Commodity Code, Assessable Value, 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. Press Enter to save.
To account for input tax credit on 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 the option Input Tax Credit Admitted On Capital Goods in the Nature of adjustment field.
3. Press Enter to save and return to voucher screen.
3. Debit VAT ledger.
4. Enter Amount Claimed for the reporting period in Credit Settlement Details screen.
5. Credit ledger grouped under Current Assets.
The journal voucher appears as shown below:
6. Press Enter to save.
'Purchase of Capital Goods (Rajasthan)' has been shared with
