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on the 30th transaction, is this computation method applicable to use after Sales returns and allowance?

@user-un3vf4wx3e

8 ай бұрын

For the sales discount, output vat, accounts receivable after sales returns and allowance...?

The total at the bottom does not add up, it is out by R100 🤔

Hello Sir, shouldn't we have to apply VAT for R450 sales on December 30 transaction?

@Counttuts

3 жыл бұрын

That was already accounted for when the sale was made

Does cash purchases mean it belongs to cash receipt or payment?

Can you please check Debtors column I think there is something wrong with it

@Counttuts

3 жыл бұрын

It's absolutely correct, as explained, you have to put the full amount that the debtor OWED you, not just what he paid you. So he owed us R500 and that is what we put there. Listen to the explanation again in the lesson.

@stumaiza5056

3 жыл бұрын

@@Counttuts Shouldn't it be R500 minus VAT?

@Counttuts

3 жыл бұрын

@@stumaiza5056 The Debtors Column must include VAT because that is the charge to the customer.

@stumaiza5056

3 жыл бұрын

@@Counttuts Oh I get it now. Thank you so much for replying.

Isn't that on the R450 received there is VAT which must be recorded on the Cr side of VAT column? Now it's like you are saying, if there was no discount VAT shouldn't have applied, and now that there was a discount, it only applies on the discount portion.