The following information and transactions relate to the "Dalgetty Sports Warehouse".
Aug.5. Sold merchandise on credit to Honeydew Enterprise, terms 2/10, n/30, amounting to $2640 (GST Inculsive), cost price $1500.
Aug.13. The owner withdrew inventory valued at $600, (cost price $350), for personal use.
Aug.15. A physical stocktake valued inventory on hand at $24000.
How to record the above transactions using the perpetual inventory system?
2007-08-23 02:28:34 · 1 answers · asked by ppp 1 in Business & Finance ➔ Other - Business & Finance
Aug.5. Sold merchandise on credit to Honeydew Enterprise, terms 2/10, n/30, amounting to $2640 (GST Inculsive), cost price $1500.
Dr A/cs receivable 2,640
Cr Gst payable 240
Cr Sales 2,400
(assuming gst is 10%)
Dr Cost of goods sold 1,500
Cr Merchandise inventory 1,500
Aug.13. The owner withdrew inventory valued at $600, (cost price $350), for personal use.
Dr Owner's drawings 350
Cr Merchandise inventory 350
Aug.15. A physical stocktake valued inventory on hand at $24000.
Your question is incomplete. I believe there are lots more parts to it and you're supposed to work out the ending inventory and compare with what's actually on hand ($24k) and calculate the inventory shrinkage
2007-08-23 03:04:00 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋