Inventory with VAT | Journal Entries | Periodic Inventory System

In this accounting lesson, we explain and go through examples of inventory and Value Added Tax (VAT) where we do the journal entries under the periodic inventory system. We go through transactions where we bought inventory using cash, where we sold inventory and recording inventory after physical stocktaking. In our journal entry, we account for inventory, bank, sales, cost of sales, Value Added Tax (VAT) using the periodic inventory system.
Timestamps
Inventory with VAT journal entries using the periodic inventory system: 00:00
VAT (Value added tax) definition / meaning: 00:42
Input VAT definition explained: 01:15
Output VAT definition explained: 01:49
Inventory with VAT journal entry examples: 02:50
Inventory purchase with VAT journal entry using the periodic inventory system: 04:36
Inventory sold with VAT journal entry using the periodic inventory system: 07:43
Closing inventory using Periodic inventory system journal entry: 14:28
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[@pramodparnami6012]

In just 20 Minutes, understood VAT.
THANKS, regards from India

[@flidoofficial1848]

I’m so sad I discovered this channel at the end of the semester💀💀because he is very good at explaining

[@simonmasunga6887]

very good , i will go through all your video

[@flidoofficial1848]

You’re the goddddd of accounting

[@alexanderfulong7817]

Thank you for explaining clearly!

[@aldenaldo5472]

Instablaster...

[@narayanbag6099]

what is the meaning of Stock taking ?
Is inventory valuation and stock taking are same?

[@julezxz]

Can i email some things that confuse me

[@Counttuts]

We provide one on one lessons via an online platform at reasonable rates. You can email us your material and book a session via our email: [e-mail]

[@jagadeshwaranshankar4830]

Can you please explain this?

[@jagadeshwaranshankar4830]

But last video we used inventory debit. But now purchase account debit

[@Counttuts]

That's because we are using periodic inventory in this lesson.

[@jagadeshwaranshankar4830]

@@Counttuts could you please explain why we debit purchase account for the periodic inventory?