Type search words and press enter
"Use Edit Log for transactions/masters, and digital signature for invoices/reports with Release 2.1. Download NOW!"

Recording Purchase of Capital Goods (Telangana)

You can record purchases of capital goods through a purchase voucher entry by crediting the party ledger and debiting the capital goods ledgers. Ledgers to be debited include ledgers categorised under Fixed Assets and Current Assets..

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:

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 .