Question
The following information relates to Sammy Technologies who buys and sells computers and computer accessories. Sammy Dealers is a registered as a VAT vendor and
The following information relates to Sammy Technologies who buys and sells computers and computer accessories. Sammy Dealers is a registered as a VAT vendor and uses the periodic inventory system. VAT at 15% is applicable. The VAT period of the business ends on unequal months. Transactions: 20.22 July 6 Purchased 10 laptops from IT Wholesalers on credit for R17 250 each. (credit invoice no: IT657) Purchases a point-of-sale scanner from Mega Wholesalers on credit for R2 875 to be used by the cashiers. (credit invoice no: MW 456)
The correct entry in the purchases journal of Sammy Technologies will be:
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