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Greetings sir,I have failed to understand the solution to question no.15 in Kaplan study text.
Qn
A new entity was formed with an initial issue of 1000 shares for $1cash per share.Inventory costing $800 net of sales tax at 17.5% was purchased on credit.Half of this inventory was then sold for $1000 plus sales tax,the customer paying promptly.What is the accounting equation for the transaction.Welcome to the Opentuition forums. This forum is primarily designed for students to help one another. If you want to ask the tutor something directly, please use the ask the tutor forum-
https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-fa/
Hope this helps.
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