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Determine the amount of VAT

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Question - Prepare journal entries to account for the following transactions. Journal narrations are not required. Elson uses the perpetual inventory system to account for inventory and all transactions are on a cash basis.

Determine the amount of VAT that is due from or payable to the Receiver of Revenue and indicate whether it is due or payable

a) Purchases of Hockey sticks and balls for the month of March 2019, N$28 500 (inclusive of VAT).

b) Sales of Hockey sticks and balls for the month of March 2019, N$18 000 (exclusive of VAT), cost price N$12 000 (exclusive of VAT).

c) Payment of salaries for the month of March 2019, N$8 000.

Reference no: EM132574217

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