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Tax

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Tax

  • This topic has 2 replies, 2 voices, and was last updated 12 years ago by periqueta.
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    Posts
  • June 5, 2013 at 8:16 pm #129564
    periqueta
    Member
    • Topics: 12
    • Replies: 19
    • ☆

    Gareth, a sales tax registered trader purchased a computer for use in his business. The invoice for the computer showed following costs related to purchase:

    Computer 890
    Additional memory 95
    Delivery 10
    Installation 20
    Maintenace 1 year 25
    Sles tax 182

    How much should Gareth capitalise as a non current asset in relation to the purchase?

    (A) $1,222
    (B) $1,040
    (C) $890
    (D) $1,015

    If the company is the final consumer of the computer, should it not support the tax?

    Many thanks for your help

    June 7, 2013 at 12:49 am #130090
    tenjinsmith
    Member
    • Topics: 2
    • Replies: 18
    • ☆

    Computer 890
    Additional memory 95
    Delivery 10
    Installation 20

    Total to be capitalised = 1,015

    If the purchaser is registered for sales tax, the sales tax is not capitalised.

    If the purchaser is not registered for sales tax, the sales tax would be capitalised – but that is not the case in this question.

    The tax is borne by the consumer who is not registered for sales tax.

    June 7, 2013 at 8:21 am #130213
    periqueta
    Member
    • Topics: 12
    • Replies: 19
    • ☆

    Thank you. I thougt that besides the purchaser is registered for sales tax, as he was the ultimate consumer, he should suffer the tax.

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