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