Question
Beta Ltd is a company registered for VAT. They recently purchased a new item of machinery and the following costs were incurred: List price
Beta Ltd is a company registered for VAT. They recently purchased a new item of machinery and the following costs were incurred:
| £ | |
|---|---|
| List price | 158,000 |
| VAT at 20% | 31,600 |
| 189,600 | |
| All the following costs are net of VAT: | |
| Delivery to site and installation | 1,250 |
| Five year warranty | 7,600 |
| Staff training | 3,100 |
| New electrical supply to installation site | 540 |
What is the initial cost of the asset to be included in the accounting records?
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Ans As per IFRS 10any incidental cost to bring ...
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Managerial Accounting Creating Value in a Dynamic Business Environment
Authors: Ronald W. Hilton
9th edition
78110912, 978-0078110917
