Account for loss on sale of fixed asset Transfer the loss to expense ledger to reflect the actual value of fixed assets in Balance sheet. Example: After charging depreciation on fixed assets, if the net value of the fixed assets is 5,000 and the sale value is 4,000, record a Journal ...
Applying the 21 days rule, if a tax invoice was issued within 21 days from the earlier of the date the consignee issued the statement of sales or 12 months from the date the goods were removed, then the time of supply is the date of the tax invoice. Disposal...
This includes the value of all standard-rated (GST at 8%) and zero-rated (GST at 0%) supplies but it excludes exempt supplies, out-of-scope supplies and the sale of capital assets. For the purpose of determining your liability for GST registration, the value of exempt supplies that are...
The case involved the imposition of luxury car tax and GST and the characterisation of the taxpayer’s “purpose” in displaying a number of luxury motor vehicles in a “car museum” in circumstances where each of the vehicles was available for sale and was, in fact, sold. Were the vehicle...
GST tax amount is deducted twice from the sale of assets net amount whenPrice inclusive taxis enabled. When a vendor invoice is settled, the following error occurs, "Object reference not set to an instance of an object". HSN/SAC numbers are not populating from the purchase order to the pu...
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of GST and introduction of the Sales and Services Tax regime New Zealand • Interim report of the Tax Working Group • Zero-rating of services provided in relation to land • GST on assets sold for non-profit bodies Singapore • Amendments to the GST Act South Korea • 2018 tax ...
Applicable On supply side: GST is applicable on 'supply' of goods or services as against the old concept on the manufacture of goods or on sale of goods or on provision of services. Destination based Taxation: GST is based on the principle of destination-based consumption taxation as against...
●Create the capital goods ledger underFixed Assets. ●Select the required nature of transaction. ●Select theNature of goodsasCapital Goods. 6.What is the use of selecting Unknown as dealer registration type? If you are not sure about the registration type of your party while creating or upda...
What are the different classifications of taxes? What is death tax? What is a tax classification? What is net of tax? What are deferred tax assets? What is a superannuation contributions tax? What is being paid in 941 taxes? What is self-assessment in income tax?