Question
Question My Style has purchased a delivery van. The van was collected and paid for on 1/6/2019 (Cheque No 1260). a) Setup a new Supplier
Question
My Style has purchased a delivery van. The van was collected and paid for on 1/6/2019 (Cheque No 1260).
a) Setup a new Supplier Card for Erina Car Yard, using the details provided on the tax invoice.
b) Enter the purchase of the delivery van through Spend Money in your MYOB file. When preparing this entry follow the protocol for GST as set out below : GST Protocol : All costs are allocated to the non-current asset at cost. However the Stamp Duty is not reportable on the BAS, therefore the N-T tax code should be used for this part of the invoice.
Delivery Van : $35,000,Stamp Duty : 1050,Invoice total : 36,050, Including GST of $3,181.82.
c) Part of your role as Assistant Accountant in My Style you are requested to check that valuation of non-current assets complies with all legislation and regulatory requirements. Using the following link go to AASB 13 Fair Value Measurement section 15, and check that the value you have entered for the delivery van meets to requirements of AASB 13. Provide 1 reason why the value is or is not compliant with the standard.
https://www.aasb.gov.au/admin/file/content105/c9/AASB13 08-15 COMPfeb16 01-19.pdf
YES OR NO and Provide Reason.
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