cost and provision....homework!!!

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rachy1975
rachy1975 Registered Posts: 366 Dedicated contributor 🦉
in AAT Level 3 (Level 6 in Scotland)
hi guys just a quickie...im a bit stuck doin my homework.
plant and equipment was bought for £40,000 excluding VAT
what goes in the cost account is it just the £40k or £40k plus Vat???
thanks in advance

:001_smile:

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  • SandyHood
    SandyHood Registered, Moderator Posts: 2,034 mod
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    just the £40k

    just the £40k
    debit the vat account with the vat amount
    Sandy
    sandy@sandyhood.com
    www.sandyhood.com
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
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    thank you i thought that was it
    :001_smile:

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