I am trying to purchase a Fixed asset on which excise is applicable and vat is also applicable but i am not taking credit on vat, so it has to add vat to the book value of the asset. the 50% of excise credit should go to Cenvat Rev. A/c and remaining amount should go to Cenvat Deffered A/c.
Ex: Fixed asset value is Rs 10000, Excise is 1648, VAT is 465.92 then the accounts affected are
Payable - 12113.92
VAT A/c - 465.92
Cenvat Cr. Recv A/c - 800
Cenvat Cr. Def. A/c - 800
Asset A/c - 10048
so the book value is showing without the vat amount and the bookvalue is showing only the ecess and shecess including base value.
So can you please help me out in this
it is NAV 4.0 SP3 with india localisation
thanks in advance