Inventory with VAT | Journal Entries | Periodic Inventory System
In this accounting lesson, we explain and go through examples of inventory and Value Added Tax (VAT) where we do the journal entries under the periodic inventory system. We go through transactions where we bought inventory using cash, where we sold inventory and recording inventory after physical stocktaking. In our journal entry, we account for inventory, bank, sales, cost of sales, Value Added Tax (VAT) using the periodic inventory system. Timestamps Inventory with VAT journal entries using the periodic inventory system: 00:00 VAT (Value added tax) definition / meaning: 00:42 Input VAT definition explained: 01:15 Output VAT definition explained: 01:49 Inventory with VAT journal entry examples: 02:50 Inventory purchase with VAT journal entry using the periodic inventory system: 04:36 Inventory sold with VAT journal entry using the periodic inventory system: 07:43 Closing inventory using Periodic inventory system journal entry: 14:28 Debits & Credits in Accounting | Journal Entries Examples | Accounting Basics: https://youtu.be/DjONzUPnhkM Simple Formula for Calculating Percentages | Want over Have Formula: https://youtu.be/K80KmHZmKIA Inventory Explained: https://youtu.be/1gsOlay8Dpw Inventory with VAT | Journal Entries | Perpetual Inventory System: https://youtu.be/XtUyAVCjCMM Inventory Journal Entries | Perpetual Inventory System | Explained with Examples: https://youtu.be/l_Nxoqsyf-Q Periodic Inventory System Explained with Journal Entry Example: https://youtu.be/-JMKSaQiaiU Sales On Credit - Perpetual Inventory System Journal Entry: https://youtu.be/krhLje8L4IA FIFO (First-In-First-Out) Method - PERPETUAL Example: https://youtu.be/5xtL-95lLdI First In First Out (FIFO) | PERIODIC Example: https://youtu.be/NNCMoiGkv6A Weighted Average Inventory Costing | PERPETUAL Example: https://youtu.be/GW3rsCCAUkw LIFO Method Accounting - Perpetual: https://youtu.be/WlGdJvPx6jQ Check out other straight-forward examples on our channel. We also offer one-on-one tutorials at reasonable rates. Connect with us: Email: info@counttuts.com Our Website: https://Counttuts.com Our Facebook Page: https://www.facebook.com/Counttuts Support our Efforts: https://www.patreon.com/Counttuts
In this accounting lesson, we explain and go through examples of inventory and Value Added Tax (VAT) where we do the journal entries under the periodic inventory system. We go through transactions where we bought inventory using cash, where we sold inventory and recording inventory after physical stocktaking. In our journal entry, we account for inventory, bank, sales, cost of sales, Value Added Tax (VAT) using the periodic inventory system. Timestamps Inventory with VAT journal entries using the periodic inventory system: 00:00 VAT (Value added tax) definition / meaning: 00:42 Input VAT definition explained: 01:15 Output VAT definition explained: 01:49 Inventory with VAT journal entry examples: 02:50 Inventory purchase with VAT journal entry using the periodic inventory system: 04:36 Inventory sold with VAT journal entry using the periodic inventory system: 07:43 Closing inventory using Periodic inventory system journal entry: 14:28 Debits & Credits in Accounting | Journal Entries Examples | Accounting Basics: https://youtu.be/DjONzUPnhkM Simple Formula for Calculating Percentages | Want over Have Formula: https://youtu.be/K80KmHZmKIA Inventory Explained: https://youtu.be/1gsOlay8Dpw Inventory with VAT | Journal Entries | Perpetual Inventory System: https://youtu.be/XtUyAVCjCMM Inventory Journal Entries | Perpetual Inventory System | Explained with Examples: https://youtu.be/l_Nxoqsyf-Q Periodic Inventory System Explained with Journal Entry Example: https://youtu.be/-JMKSaQiaiU Sales On Credit - Perpetual Inventory System Journal Entry: https://youtu.be/krhLje8L4IA FIFO (First-In-First-Out) Method - PERPETUAL Example: https://youtu.be/5xtL-95lLdI First In First Out (FIFO) | PERIODIC Example: https://youtu.be/NNCMoiGkv6A Weighted Average Inventory Costing | PERPETUAL Example: https://youtu.be/GW3rsCCAUkw LIFO Method Accounting - Perpetual: https://youtu.be/WlGdJvPx6jQ Check out other straight-forward examples on our channel. We also offer one-on-one tutorials at reasonable rates. Connect with us: Email: info@counttuts.com Our Website: https://Counttuts.com Our Facebook Page: https://www.facebook.com/Counttuts Support our Efforts: https://www.patreon.com/Counttuts