Answer to Question #87872 in Accounting for Nhlaphu

Question #87872
Explain when and why the cost of an assets,such as the computer ,for initial measurement must exclude VAT.
1
Expert's answer
2019-04-11T09:28:30-0400


If the computer is used by the firm, which is VAT registered and it produces goods and services, that are not VAT-exempt supplies, then VAT will be reclaimed and it shouldn't be included in cost of assets.


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