This form is an Asset Purchase Agreement. The seller agrees to sell to the buyer certain assets which are listed in the agreement. The form also provides that the buyer will not be responsible for any unfilled orders from the customers of the seller.
Fixed Asset Purchase With Gst Entry In Fulton
Category:
State:
Multi-State
County:
Fulton
Control #:
US-00419
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Business Use Only: ITC on fixed assets is claimable if used solely for business purposes with proper documentation. No Personal ITC: ITC isn't available for assets used for personal or non-business purposes. Depreciation Impact: Claiming ITC is possible only if depreciation is not claimed on the GST-inclusive amount.
More info
The way to handle a fixed asset purchase is to first create the asset as per the Guide at Manager Cloud. This has no effect on financials.Go to Accounts > Voucher Entry > Journal > GST Inward (Expenses). The purchase invoice for this fixed asset should be posted to Fixed assets > Specific fixed asset rather than some expense account. After posting the cash receipt, you will have to record the Bank Deposit in you Financial Banking Module, Go to (Transactions > Financial > Bank Deposit Entry).