Inventory with VAT | Journal Entries | Perpetual Inventory System

[@alexanderfulong7817]

Your explanation is so on point. Thank you for making it so simple.

[@lindokuhlembalenhle3398]

just made it easy for me to learn ....big up to you sir

[@fonapycake3467]

So so explanatory thank you so much

[@amberklazen490]

if the inventory sold for R33 000 included VAT, should you minus the VAT from the R33 000 or leave it as is?

[@SihawukeloSethabileAkhonaLombo]

very clear👌👌

[@nkululekkcibane4366]

thank you so much for this video

[@itshepheletakalo4120]

#you-made-me-LOVE-accounting-big-up-to-COUNTUTS

[@katlehokhoele5750]

Thank you from NorthWest University

[@mpilo_mhlongo]

Thank you so much.

[@DianaFaith-nu3zo]

I don't how you got that 1.35 and 1.15

[@MndeniMediaGroup]

I might be winging it here but How I got 1.35: is adding(on your calculator) 30%(markup of the inventory) with 100%(which is the inventory exclusive of VAT, remembering that anything without VAT is 100%). That gives you 1.35 - Then adding 100% with 15% given VAT( remember VAT 'inclusive' is always: GIVEN VAT + 100%'+ 115%. So we are looking for Inclusive VAT) that gives us 1.15

[@masehludinyclad3963]

@@MndeniMediaGroup Hi, I still dont get it how you got 1.35, or maybe you said 100+35/100