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Tangible non current asset

This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.

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April 12, 2018 at 6:25 am #446271
alikhakar
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- Topics: 187
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why is sales tax paid on purchase of tangible non current asset is excluded from the cost of NCA that is recorded in SOFP ?
April 12, 2018 at 6:53 am #446282
John Moffat
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- Topics: 57
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If the company is registered for sales tax, then all sales tax is recoverable from the state and only the net amount is recorded as the cost of the asset or the amount of the expense.
Yet again – watch my free lectures on sales tax!!
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