Help with Delf simulation

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
I am currently studying for my intermediate AAT and I am having difficulties with a simulation in the Financial records & accounts workbook. The company Delft is registered for VAT. Does this mean that I have to account for the VAT (in the journals and double entry) when purchasing the new van and display cabinet. And do I also have to include the VAT in the journal for the disposal of the old van that is part-x'd?<BR><BR>I know in the Branson and company I didnt include the VAT but that was<BR>because it said they couldnt reclaim VAT on company vehicles right?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help with Delf simulation

    Hi Paul<BR>I am at work at present and a bit short of time, will post answer tonight when I get home.<BR>Regards Sonja
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help with Delf simulation

    Your a bless! thanx matey<BR><BR>I didnt want to wait till tuesday when i am back at night classes, and there is no point carrying on now if i am messing up the journals and double entry! <BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help with Delf simulation

    Hi Paul<BR><BR>Sorry for the delay my beloved computer has so far only thrown me out five times sixth time lucky here goes<BR><BR>1. Branson and Company<BR>No company is allowed to claim VAT back on company CARS<BR><BR>2. Delft<BR>Companies can claim VAT back on company VANS <BR>Your Journal should look like this<BR>DR Motor Vehicles Cost 12000<BR>DR Delivery Expenses 140<BR>DR VAT 2100<BR>CR Sundry Creditors 11740<BR>CR Disposals Account 2500<BR>Being the purchase of WA53 SPO Delivery Van and the px allowance of Z754 WIL Delivery Van on 21/09/03<BR>I hope this has been of help to you and if need any more help do not hesitate to email me. When are you sitting your devolved? How are you managing with ECR? Look forward to hear from you<BR>Regards<BR>Sonja<BR>Email address:<BR>michael.straker@btopenworld.com<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help with Delf simulation

    Dont know if you want to use this folks but I've got the answer sheet for Delft. Feel free to check anything ya want!<BR>Pete.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help with Delf simulation

    Pete, Please would you send me the answers, would be most grateful. <BR>holyoakenet@btopenwold.com<BR><BR>

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