How to finalise the balance sheet

Need help Tax people. My client purchased a car and  I considered the vat included in invoice as receivable and adjusted against the VAT payable amount. But we cant claim vat on purchase of fixed asset as the asset is not purchased for business purpose. Please advise how to finalise the balance sheet wrt this transaction. Thanks

Anshika Agrawal12/11/2019 12:45:42

VAT amount should be added to the cost of asset. So the car is recorded with the total cost including VAT amount.

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