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    newport daz's Avatar
    newport daz Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Apr 9, 2009, 09:42 AM
    VAT Repayments & Financial Statements
    Hi Guys,

    When a company receives VAT repayments during its financial year how should this be reflected in the income statement and statement of financial position?

    Thanks.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Apr 11, 2009, 07:23 PM

    They should be deducted from the expenses they emanate from.
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