Unit 5 skills test - Help

kattravels
kattravels Registered Posts: 1 New contributor ?
Im a distance learning student and can't seem to pass the Unit 5 skills test. To make matters worse I moved to Australia and my revision notes and books are in transit, so I had to start from scratch. This may seem like a silly question but I will ask it anyway.

In the Fixed asset register if you couldn't reclaim the VAT, would you capitalise the whole cost for example a car where the VAT is irrecoverable?

Comments

  • Bluewednesday
    Bluewednesday Registered Posts: 1,624
    Yes that's right, irrecoverable VAT would then be capitalised along with the net cost.
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