businessman who buys packages of goods and wholesales the package for cash. Hi
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Q: guid iabil odger ingle orris
A: Given:
Neil Brown is a businessman who buys packages of goods and wholesales
the package for cash. His business is registered as a Vat Vendor. During
March 2022 he purchased for cash a package of goods for R28 000
(exclusive of 15% Vat). Neil used a mark-up of 30% on the cost price and
sold the package for R41 860 (Inclusive of 15% VAT). Neil uses the perpetual
inventory system to keep records of his trading activities.
Required:
Record general
goods. You do not have to record the dates but must include a brief narration
appropriate for both the purchase and sale of the goods above.
Step by step
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On this question may you please explain how it came to 41880 instead of 41860
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