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Drums Etc is a registered VAT Vendor. The company uses perpetual system. Vat is 15% Profit is 35% July 2 Inventory purchase $23,000 (excluding Vat)
Drums Etc is a registered VAT Vendor. The company uses perpetual system. Vat is 15% Profit is 35% July 2 Inventory purchase $23,000 (excluding Vat) July 10 Inventory sold has inventory cost of $25,000 July 18 Inventory purchased for $16,000 (including Vat) July 29 According to stock taking, perpetual system is 62,000 Please prepare the journal entries for July 2019.
Drums Etc is a registered VAT Vendor. The company uses perpetual system.
Vat is 15%
Profit is 35%
July 2 Inventory purchase $23,000 (excluding Vat)
July 10 Inventory sold has inventory cost of $25,000
July 18 Inventory purchased for $16,000 (including Vat)
July 29 According to stock taking, perpetual system is 62,000
Please prepare the journal entries for July 2019.
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