What would be the double entry for VAT recover in current year which relates to prior year? Please also take the following into consideration
- Company was not VAT registered in Prior year
- Has made an adjustment in 1st VAT return to recover pre- VAT registeration VAT suffered
- VAT recovered on expenses when the business was not VAT registered.
Note when the VAT repayment was received, the double entry was dr bank cr VAT - however i would like to understand what impact the VAT adjustment would have (if any) on the P&L
-- Edited by NA_AA on Tuesday 2nd of April 2013 10:40:58 PM
-- Edited by NA_AA on Tuesday 2nd of April 2013 11:34:24 PM
