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    Tafon's Avatar
    Tafon Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Oct 21, 2009, 11:59 PM
    Goods withdrawn for own use with VAT and replacement value
    Hi
    Please can some one help me out with this:
    A trader withdraws goods worth $500 from stock for personal consumption. The replacement value of the goods is $502. Value Added Tax is charged at 19.25%.
    How will this transaction be recorded in the journal of the trader?
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Oct 22, 2009, 10:02 PM

    Debit Drawings 596.25
    Credit Inventory 500
    Credit Vat 96.25
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