a) Briefly explain the meaning of cash discount.b) A retailer sold a product to customer for RO 700 andthe rate of value added tax (VAT) is 5%. If the retailerpays a VAT of RO 15 to the government,i) Find the Input VAT for the retailer.ií) How much customer paid to retailer including VAT?

Cash discount is the discount offered by the seller of a product to the buyer at the time of…

Answered: ) Briefly explain the meaning of cash…

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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The statements of financial position for W Limited are as follows: 31 December Non-current assets Land and buildings Cost/valuation Accumulated depreciation Plant and equipment Cost Accumulated depreciation Current assets Inventory Trade receivables Cash and cash equivalents Total Assets Equity and Liabilities Ordinary share capital ($1 shares) Share premium Revaluation reserve Retained earnings Non-current liabilities 12% debenture (2030) Current liabilities Trade payables Bank overdraft 2021 $000 4 1150 201 949 539 326 213 1162 117 135 252 1414 600 120 80 136 936 150 86 242 328 478 1414 2020 $000 650 160 490 454 274 180 670 89 103 37 229 899 400 70 109 579 200 120 120 320 899 Total liabilities Total equity and liabilities The following information is also available. 1 The cost of land and buildings at 31 December 2020 comprised of land $250000 and buildings $400 000. The land, which is not depreciated, had been revalued to $330 000 on 1 July 2021. 2 On 1 March 2021, a final dividend…
Explain in detail with examples of different methods for cash transactions, and the costs associated with each. Provide brief justification on how these costs can be reduced?
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