The jouranl entry of purchage of fixed assets are assents
a/c dr. to cash/bank account why we not make journal entry
for this is purchage a/c dr. to cash/bank .
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Answer Posted / ca sonal
WE DONT ADD PURCHASE OF FIXED ASSET IN PURCHASES ONE REASON
IS BCOZ VAT IS PAID ON PURCHASES OF GOODS MEANT FOR SALE
AND NOT FIXED ASSETS , SO WHEN I DID FINALISATION OF
ACCOUNTS IF THIS ENTRY IS PASSED WE USED TO REVERSE IT ANY
WAY OTHERWISE VAT ACCOUNT WILL B EFFECTED . THIS IS WHAT I
PRACTICALLY DID .
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