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VAT liability

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › VAT liability

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • November 15, 2021 at 11:15 pm #640723
    crazyjames1080
    Member
    • Topics: 8
    • Replies: 20
    • ☆

    Hi Chris

    I hope you are well. I’m not sure if this question is even relevant to SBR or any other ACCA exam (apologies if that’s the case) but I was wondering, does a company’s VAT liability show on their Profit or Loss or Statement of Financial Position? Or do the figures in the financial statements perhaps reflect the net figures i.e. without VAT? Thanks in advance.

    Kind regards

    James

    November 16, 2021 at 4:21 pm #640815
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3443
    • ☆☆☆☆☆

    Sell sausages on credit for 20 plus 20% VAT

    P&L Revenue 20

    SFP Receivables 24

    SFP VAT liability 4

    But certainly not SBR – perhaps Financial Accounting.

    🙂

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  • The topic ‘VAT liability’ is closed to new replies.

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