| |
Solution 7.4
Purchases journal
| |
|
Net
€
|
VAT
€ |
Gross
€ |
|
Feb-01 |
Good Foods |
270 |
0 |
270 |
|
Feb-02 |
SGS Drinks |
700 |
147 |
847 |
|
Feb-03 |
C&B |
800 |
168 |
968 |
|
Feb-04 |
Quality Meat
Producers |
300 |
0 |
300 |
|
Feb-05 |
O’Reilly Growers |
500 |
0 |
500 |
|
Feb-07 |
SGs Drinks |
700 |
147 |
847 |
| |
|
2,570 |
315 |
2,885 |
Purchases ledgers
|
DR |
Good Food
Company Account |
CR |
| |
|
|
Feb-01 |
Purchases
Journal |
270 |
| |
|
|
|
|
|
| DR |
SGS Drinks
Account |
CR |
| |
|
|
Feb-02 |
Purchases
Journal |
847 |
| |
|
|
Feb-07 |
Purchases
Journal |
847 |
| |
|
|
|
|
|
| DR |
C&B
Drinks Suppliers Account |
CR |
| |
|
|
Feb-03 |
Purchases
Journal |
968 |
| |
|
|
|
|
|
| DR |
Quality
Meat Producers Account |
CR |
| |
|
|
Feb-04 |
Purchases
Journal |
300 |
| |
|
|
|
|
|
| DR |
O’Reilly
Growers Account |
CR |
| |
|
|
Feb-05 |
Purchases
Journal |
500 |
General ledgers
|
DR |
Purchases
Account |
CR |
|
Feb-07 |
Purchases
Journal |
2,570 |
|
|
|
| |
|
|
|
|
|
|
DR |
VAT Account |
CR |
|
Feb-07 |
Purchases
Journal |
315 |
|
|
|
VAT liability
VAT
on sales is at 13.5% for both accommodation and restaurant
|
VAT on sales
|
€3,700
x 13.5 / 113.5 |
€440 |
|
Less VAT on
purchases |
|
€315 |
|
Vat liability |
|
€125 |
| |
|
|
|