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
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