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VAT Ledger and Purchase Records

The document outlines a series of financial transactions for March, including purchases, sales, and payments with corresponding debits and credits. Key entries include purchases from suppliers, sales to customers, and adjustments for discounts and VAT. The document serves as a record of accounts payable and receivable, reflecting cash transactions and discounts applied.

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Kristine Ivy
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16 views1 page

VAT Ledger and Purchase Records

The document outlines a series of financial transactions for March, including purchases, sales, and payments with corresponding debits and credits. Key entries include purchases from suppliers, sales to customers, and adjustments for discounts and VAT. The document serves as a record of accounts payable and receivable, reflecting cash transactions and discounts applied.

Uploaded by

Kristine Ivy
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

March Date Accounts Titles and Explanation Debit Credit

4 Purchase (9,000x95%) 8,550


Input VAT (8,550 x 12%) 1,026
Accounts Payable 9,576
to record the purchases

6 Freight In (1,344x100/112) 1,200


Input VAT (1,344 x 12/112) 144
Cash 1,344
to record payment for freight

8 Accounts Receivable 19,040


Sales (19,040 x 100/112) 17,000
Output VAT 2,040
to record the sale to Susan Velasco

Freight Out 605


Cash 605

10 Purchases (12,000 x P5.50) 66,000


Input VAT (66,000x12%) 7,920
Accounts Payable 73,920
to record the purchase from HK

15 Cash 19,040 x 98% 18,659


Sales Discount (19,040x2%) 381
Accounts Receivable 19,040
to record collection from Susan with discount

19 Accounts Receivable (5 x 1,680) 8,400


Sales (8,400 x 100/112) 7,500
Output VAT (8,400 x 12/112) 900
to record sales to David

Frieght out 336


Cash 336

20 Sales Return (560x100/112) 500


Output VAT (560 x 12/112) 60
Accounts Receivable 560

22 Accounts Payable (73,920/2) 36,960


Cash (36,960x99% 36,590
Purchase Discount (5,500x1%) 370

25 Cash (5,500x98%) 5,390


Sales Discouns 110
Accounts Receivable 5,500

28 Accounts Payable 9,576


Cash (9,576 x98% 9,384
Purchase Discount 192

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