Retail
Inventory Purchase — Credit Terms (30 days)
Receiving a stock delivery from a supplier on 30-day credit terms.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Merchandise Inventory | Asset (+) | 15,000.00 | - |
| VAT Input Tax (16%) | Asset (+) | 2,400.00 | - |
| Accounts Payable (Supplier) | Liability (+) | - | 17,400.00 |
💡 Accountant's Note
Inventory arrives and is immediately an asset regardless of when the supplier is paid. VAT on the purchase is a separate recoverable asset, not part of the inventory cost.
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