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expenses incurred in the formation of the company are show
in :
1)debit side in the profit and loss a/c
2)as an assets in balance sheet
3) as an liabiliies in balance sheet
4) credit side in profit and loss a/c
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Answer / s.raja mohamed
1. Debite side of the profit and loss a/c.
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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
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