Types of inventory Most businesses will have a variety of different types of inventory. For a retail business, this will be the goods that are in inventory and held for …
Accounting for credit sales and VAT As we have already seen, a VAT registered business adds VAT onto the net selling price to come to a gross amount. This gross …
A discount is a reduction to the price of the sales of goods or services. There are different types of discounts that may be given or offered for different reasons. …
We’ve already seen that, when VAT is charged on sales, the business is merely acting as an agent and collecting VAT on behalf of the tax authorities. This sales tax …