HY is registered for VAT in Country X. HY purchased a consignment of goods for $70,000 plus VAT at the standard rate and then sold the goods for $138,000 inclusive of VAT at the standard rate. How much profit should HY record in its statement of comprehensive income for this consignment?

HY is registered for VAT in Country X. HY purchased a consignment of goods for $70,000 plus VAT at the standard rate and then sold the goods for $138,000 inclusive of VAT at the standard rate. How much profit should HY record in its statement of comprehensive income for this consignment?

Leave a Reply

Your email address will not be published. Required fields are marked *

HY is registered for VAT in Country X. HY purchased a consignment of goods for $70,000 plus VAT at the standard rate and then sold the goods for $138,000 inclusive of VAT at the standard rate. How much profit should HY record in its statement of comprehensive income for this consignment?

HY is registered for VAT in Country X. HY purchased a consignment of goods for $70,000 plus VAT at the standard rate and then sold the goods for $138,000 inclusive of VAT at the standard rate. How much profit should HY record in its statement of comprehensive income for this consignment?

Leave a Reply

Your email address will not be published. Required fields are marked *