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AB wanted to achieve a 25% GP for each sale completed. Inventory sales between AB...

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Accounting

AB wanted to achieve a 25% GP for each sale completed. Inventory sales between AB and CF Ltd amounted to R1650 000 for the year ended 31 December 2022. Inventory on hand in CF Ltd previously purchased from AB Ltd: R675 000 (31 December 2022) R550 000 (31 December 2021) Assume a tax rate of 28% REQUIRED: Prepare the journal entries (with narrations) for the year ended 31 December 2022

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