Hi All,
Can any one tell me how to pass partial Payment entry in tally.
Example If we purchased an asset like furniture for the company and we paid half of the amount in jan and balance paid in march.
How this entry should be passed.
Kindly reply as early as possible
Thanks and regards,
Sowmya.S

From India , Bangalore
Answering with reference to your example of furniture purchase.
1. Assuming the furniture must have received and post the entry for the same.
entry would have been passed as :
Debiting to Furniture account (Fixed Assets) and crediting to Supplier account.
2. the partial payment agaisnt avove should be post as under
Debiting to Supplier account and crediting to bank account. and reapt the same entry for second payment.

From Germany , Munich
Hi Sowmya, can you follow below JV 1)when you purchase of Furniture a/c Furniture a/c DR input vat a/c DR TO Party a/c 2) when we pay the partial payment Party a/c Dr TO BANK
From India , Hyderabad
All the taxes & duties paid for purchase of capital goods which is not used for the production purpose is not eligible for input tax credit therefore, in above entry 1, Input VAT a/c should not be debited but it should be added to Total cost of Assets.
(UNQUOTE)

From Germany , Munich

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