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November 4, 2020 at 5:21 pm
Carriage in inwards? it means we paid delivery or supplier paid it?
John Moffat says
November 5, 2020 at 8:41 am
We paid it.
September 11, 2020 at 11:45 pm
Tanks sir .
May 10, 2020 at 6:32 pm
Hello. Thx for nice and understanding lectures. I woul like ask the following question:
Does the cost of purchases include VAT ? IAS 2 states that cost of purchaes must include import duties and othe taxes. And if VAT is included, then how would it effect on COGS as we now that sales does not include VAT. Thx in adnvance
December 8, 2020 at 8:39 am
The cost of purchases only includes sales tax if the business is not registered for sales tax. If they are registered then the sales tax is recovered from the state and is not part of the cost of purchases. (Do watch the lectures on sales tax for an explanation.)
September 13, 2019 at 6:35 pm
thank you so much open tuition you helped me a lot
September 14, 2019 at 10:12 am
Thank you for your comment 🙂
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