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 perpetual 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).
Timestamps
Inventory with VAT journal entries using the perpetual inventory system: 00:00
VAT (Value added tax) definition: 01:05
Input VAT definition explained: 01:53
Output VAT definition explained: 02:50
Inventory with Vat Journal entries perpetual inventory system example: 04:02
Inventory purchase with VAT journal entry using perpetual inventory: 05:31
Inventory sold with VAT journal entry using the perpetual inventory system: 08:13
Closing inventory using perpetual inventory system journal entry: 15:50
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