b) The following information is available for A. Hausiku a sole trader registered for VAT for the month of December 2016: • Sales on credit for the month of December 2016 amounted to N$164 250 net of VAT, N$199 564 gross; • Sales returns (all credit) for the month of December 2016 amounted to N$14 200 net of VAT, N$17 253 gross; • Purchases on credit for the month of December 2016 amounted to N$105 980 net of VAT, N$128 766 gross; • Purchases returns (all credit) for the month of December 2016 amounted to N$11 200 net of VAT, N$13 608 gross; • A. Hausiku pays N$11 000 in VAT to the Collector General monthly by direct debit on the 15th of every month. The VAT liability of A. Hausiku as at 1 December 2016 was N$15 460. 2 You are required to: Prepare the appropriate T accounts to record the above entries for the month of December
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- Rosalie Co. uses the gross method to record sales made on credit. On June 10,2018, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2018, Rosalie received payment for % the amount due from Finley Farms. Rosalie's fiscal year end is on June 30,2018. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc. ?Creditor Ledger balance of XYZ business as at 01.03.2014 are as follows; Creditor Name Value (Rs.) Asitha 25,000.00 Visitha 44,000.00 Lasith 12,000.00 Total 81,000.00 The summary of the transaction done with the creditors during the month of March 2014 is given below; Creditor Purchases (Rs.) Purchases Return (Rs.) Payment (Rs.) Discount Received (Rs.) Asitha 160,000.00 - 130,000.00 6,000.00 Visitha 300,000.00 4,000.00 300,000.00 - Lasitha 120,000.00 - 120,000.00 2,000.00 Rakitha 50,000.00 - 16,000.00 - Total 630,000.00 4,000.00 566,000.00 8,000.00 As at 01.03.2014 the total of the creditors ledger balance agreed with the balance of the creditor control account. As at 31.03.2014 the total of the creditors ledger balance did not agree with the balance of the creditors control account. The reasons for this difference are given Below; Discount received from Asitha for Rs.…Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
- Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/305. The following are summary of Aku Sika's transactions with her customers during the year ended 31 July 2017 2017 GHC Purchase ledger balance Sales ledger balance 11,874 19,744 Jan 1 Totals for the year 2017: Purchases Sales Returns outwards Returns inwards Cheques paid to suppliers Petty cash patd to suppliers Cheques and cash received from Customers Discount allowed Discount received Balance on the sales ledger set off against balance in the purchases ledger 154562 199,662 2,648 4,556 146,100 168 185,960 5,830 2,134 1,036 July 31 The list of balances from the purchases ledger showed a total of GH¢14,530 and that from the sales ledger a total of GH¢22,024. Required: Prepare the a) purchases ledger control accounts b) sales ledger control accounts.(i) Alan uses the income statement approach in estimating uncollectible accounts expense, and uncollectible accounts expense is estimated to be 2% of credit sales. The sales during the month of January was $900 000, of which 20% was cash sales. What is the amount of uncollectible accounts expense recognized in Alan's income statement for January? (1 mark)
- A summary of transactions undertaken by Wellworth Stores during the month of January 2018 are as follows: Date Transactions 2/1 Credit purchases form Allan Enterprise $72,000 (GST inclusive) 3/1 Credit sales to Jacky $36,000 (GST inclusive) 5/1 Cash sales $8,100 (GST inclusive) 7/1 Received from debtors for credit sale made in December 2017 $18,000 (GST inclusive) 11/1 Paid Allan Enterprise for credit purchases made on 2/1/2018 (GST inclusive) 14/1 Cash purchases $45,000 (GST inclusive) 16/1 Paid wages $27,000 20/1 Paid for advertisement $19,800 (GST inclusive) 21/1 Cash sales $63,000 (GST inclusive) 22/1 Paid insurance premium $4,050 (GST inclusive) 23/1 Cash sales received by EFTPOS card $90 (GST inclusive) 25/1 Purchased of office equipment by cash $2,070(GST inclusive) 26/1 Credit purchase $34,500 (GST inclusive) 28/1 Office rent for next 6 months paid in advance $37,800 29/1 Cash…In January, Lily Bhd sold goods at a quoted price of RM10,000 with a credit term of 2/10, net 90. Show the journal entries and amount to be measured in the receivables account; i)When cash discount of 2% is to be applied. ii)At initial measurement iii)During the year, a customer of Lily Bhd was deemed uncollectable. Give examples of any five situations where a debtor can be declared as Uncollectable Receivables.Lloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. June 1 Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. 6. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice months number 380. Collected amount due from JPT Store less returns and discounts. 16 Received P6 000 from NOV Convenience Store. Sold goods on account to LPR Co, P34 000. Invoice number 381 347935
- The following is select financial statement information from Candid Photography: Year Net Credit Sales Ending Accounts Receivable 2017 $2,988,000 $1,290,450 2018 $3,750,860 $1,345,600 2019 $4,000,350 $1,546,550 Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2018 and 2019 (round answers to two decimal places): 2018 Accounts Receivable Turnover _______ times. A. 2.85 B. 2.91 C. 1.42 D. 2.79 2018 Days' Sales in Receivables ________days. A. 128.07 B. 125.43 C. 257.04 D. 130.82 2019 Accounts Receivable Turnover _________times. A. 2.97 B. 2.77 C. 1.38 D. 2.59 2019 Days' Sales in Receivables _______days. A. 131.77 B. 122.90 C. 140.93 D. 264.49 What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3…se the following selected financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 $687,430 $332,250 2018 705,290 362,450 2019 769,500 403,650 A. Compute the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places. 2018 fill in the blank 1 days 2019 fill in the blank 2 days B. Using the sales in accounts receivable, choose the statement that most closely describes the company's management of its receivables. a. The company collects its accounts slowly, and the days are increasing. b. This may be leave the company unable to pay current debt owed to a lender. c. The company may need to be more aggressive with its receivable collection procedures. d. All of the above statements may be correct.Required: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…