What is the journal entry to record the purchases

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Reference no: EM133901578

Problem

Use the following information for the next six questions: Entity A, a VAT-registered business, had total sales of ?3,000,000 and total purchases of ?1,200,000 (both exclusive of VAT) during 20x1. What is the journal entry to record the sales? What is the journal entry to record the purchases? Get the instant assignment help. What is the offsetting entry needed in order to present the net VAT payable in the statement of financial position?

Reference no: EM133901578

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