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Last updated 2:44 PM on 9/18/26
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17 Terms
1
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L1 — Sell goods on invoice
DEBIT: Accounts receivable | CREDIT: Sales goods + Sales VAT
2
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L1 — Customer pays invoice
DEBIT: Bank account | CREDIT: Accounts receivable
3
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L1 — Purchase goods on invoice
DEBIT: Purchases + Input VAT | CREDIT: Accounts payable
4
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L1 — Purchase goods in cash
DEBIT: Purchases + Input VAT | CREDIT: Bank account
5
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L1 — Pay supplier invoice
DEBIT: Accounts payable | CREDIT: Bank account
6
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L1 — Close VAT accounts
DEBIT: Sales VAT | CREDIT: Input VAT + VAT liability
7
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L1 — Record profit
DEBIT: Net Result | CREDIT: Profit for the financial year
8
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L1 — Record loss
DEBIT: Loss for the financial year | CREDIT: Net Result
9
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L1 — Sell goods €17
550 incl. VAT
10
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L1 — Customer pays €17
550
11
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L1 — Purchase €6
024 incl. VAT
12
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L1 — Marketing €4
400 incl. VAT
13
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L1 — Purchase €2
200 incl. VAT
14
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L1 — Pay all suppliers €12
624
15
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L1 — VAT closing
DEBIT: Sales VAT €3
16
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L1 — Profit €3
925.09
17
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