3. ABC, a VAT registered, imported goods from a foreign supplier and incurred the following costs: Cost of purchases based on vendor' invoice Trade discounts on purchases, already deducted Import duties Freight and insurance on purchases Other handling cost related to imports P 5,000,000 500,000 400,000 1,000,000 100,000 Salaries of accounting department 600,000

3. ABC, a VAT registered, imported goods from a foreign supplier and incurred the following costs: Cost of purchases based on vendor' invoice Trade discounts on purchases, already deducted Import duties Freight and insurance on purchases Other handling cost related to imports P 5,000,000 500,000 400,000 1,000,000 100,000 Salaries of accounting department 600,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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