section 2 help?

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:30AM in AAT student discussion
can anyone remember on section 2 one of the adjustments was between opening stock and purchases<BR>i was very unclear if the figure was just nett or included VAT? can anyone help?<BR> cheers michelle<BR><BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    It was net hope this was the answer you were looking for...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    Yes I think it was 796 net of VAT,<BR><BR>simply Debit Purchases and Credit Opening Stock I believe?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    Thats right.<BR><BR>I think they put the VAT in the line of questioning to try and throw some people.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    Thats right it was net of VAT, well that is the way i saw it...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    Well it succeeded in throwing me! I thought you had to do something with the VAT so debited vat and credited plca!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    i asumed it was net
  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    i debited vat too
  • System
    System Posts: 100,534 🤖 Admin 🤖
    section 2 help?

    <br><br><< <i>Yes I think it was 796 net of VAT,<BR><BR>simply Debit Purchases and Credit Opening Stock I believe?</i> >><br><br><BR><BR>I did this, I believe the VAT would not need to be adjusted as it has already been processed through the VAT account as a DR.

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