Buildings 30000 Mechanical equipment 4000 Goods (Starting Goods) 19500 Customers 3000 Bills Receivable 5150 Checks Receivable 2500 Staff advances 1000 Fund 9500 Current deposits 13500 Capital 25000 Bank loans 31500 Suppliers 10750 Bills Payable 11300 Checks Payable 6000 Liabilities from taxes and fees (VAT) 3600 2. To register the opening. 3. To enter the following transactions in the calendar of the month of December: 3.1. Receives from the customer OMIKRON for payment of a postdated check of € 1,500 in cash (Proof of collection Law 345). 3.2. Sale of goods in PETROU SA worth € 20,000 plus VAT 24% with 1/2 with bank transfer and the balance with exchange rate expiring on 15/3/2021 (Price L. 46). 3.3. Purchase of goods worth € 6,000 plus VAT 24% from ELIT Ltd. with the following settlement: 1/3 in cash, 1/3 in foreign currency and the rest in credit. (Tim. L. 92). 3.4. The customer IRIS OE transfers € 12,000 to the current bank account for a deposit for the sale of goods. 3.5. He rents a business premises and pays a rent of three months (December-February) € 3,000 with a bank transfer. 3.6. It repays part of the loan of € 4,000 and the corresponding interest of € 500 through the current account. 3.7. Pays for payment of telecommunications bill 620 € in Q9 (price L. 723) through the current account. The value of the invoice includes VAT 24%. 3.8. Pays the current year premiums amounting to € 1,000 plus VAT 24% (price L. 409 INSURANCE) with cash payment. 3.9. The salary for the month of December is as follows: gross remuneration € 2,000, employer contribution in favor of insurance funds 20%, employee contribution in favor of insurance funds 10%, and FMY € 250. Pays immediately the balance of the net remuneration through the current account with offsetting the deposit. 3.10. Pays to MICHANIKI for maintenance of the mechanical equipment an amount of € 500 plus VAT 24% (price L. 145) with cash payment.

Buildings 30000 Mechanical equipment 4000 Goods (Starting Goods) 19500 Customers 3000 Bills Receivable 5150 Checks Receivable 2500 Staff advances 1000 Fund 9500 Current deposits 13500 Capital 25000 Bank loans 31500 Suppliers 10750 Bills Payable 11300 Checks Payable 6000 Liabilities from taxes and fees (VAT) 3600 2. To register the opening. 3. To enter the following transactions in the calendar of the month of December: 3.1. Receives from the customer OMIKRON for payment of a postdated check of € 1,500 in cash (Proof of collection Law 345). 3.2. Sale of goods in PETROU SA worth € 20,000 plus VAT 24% with 1/2 with bank transfer and the balance with exchange rate expiring on 15/3/2021 (Price L. 46). 3.3. Purchase of goods worth € 6,000 plus VAT 24% from ELIT Ltd. with the following settlement: 1/3 in cash, 1/3 in foreign currency and the rest in credit. (Tim. L. 92). 3.4. The customer IRIS OE transfers € 12,000 to the current bank account for a deposit for the sale of goods. 3.5. He rents a business premises and pays a rent of three months (December-February) € 3,000 with a bank transfer. 3.6. It repays part of the loan of € 4,000 and the corresponding interest of € 500 through the current account. 3.7. Pays for payment of telecommunications bill 620 € in Q9 (price L. 723) through the current account. The value of the invoice includes VAT 24%. 3.8. Pays the current year premiums amounting to € 1,000 plus VAT 24% (price L. 409 INSURANCE) with cash payment. 3.9. The salary for the month of December is as follows: gross remuneration € 2,000, employer contribution in favor of insurance funds 20%, employee contribution in favor of insurance funds 10%, and FMY € 250. Pays immediately the balance of the net remuneration through the current account with offsetting the deposit. 3.10. Pays to MICHANIKI for maintenance of the mechanical equipment an amount of € 500 plus VAT 24% (price L. 145) with cash payment.

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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Question

Buildings	30000
Mechanical equipment	4000
Goods (Starting Goods)	19500
Customers	3000
Bills Receivable	5150
Checks Receivable	2500
Staff advances	1000
Fund	9500
Current deposits	13500
Capital	25000
Bank loans	31500
Suppliers	10750
Bills Payable	11300
Checks Payable	6000
Liabilities from taxes and fees (VAT)	3600

2. To register the opening. 3. To enter the following transactions in the calendar of the month of December:

3.1. Receives from the customer OMIKRON for payment of a postdated check of € 1,500 in cash (Proof of collection Law 345).
3.2. Sale of goods in PETROU SA worth € 20,000 plus VAT 24% with 1/2 with bank transfer and the balance with exchange rate expiring on 15/3/2021 (Price L. 46).
3.3. Purchase of goods worth € 6,000 plus VAT 24% from ELIT Ltd. with the following settlement: 1/3 in cash, 1/3 in foreign currency and the rest in credit. (Tim. L. 92).
3.4. The customer IRIS OE transfers € 12,000 to the current bank account for a deposit for the sale of goods.
3.5. He rents a business premises and pays a rent of three months (December-February) € 3,000 with a bank transfer.
3.6. It repays part of the loan of € 4,000 and the corresponding interest of € 500 through the current account.
3.7. Pays for payment of telecommunications bill 620 € in Q9 (price L. 723) through the current account. The value of the invoice includes VAT 24%.
3.8. Pays the current year premiums amounting to € 1,000 plus VAT 24% (price L. 409 INSURANCE) with cash payment.
3.9. The salary for the month of December is as follows: gross remuneration € 2,000, employer contribution in favor of insurance funds 20%, employee contribution in favor of insurance funds 10%, and FMY € 250. Pays immediately the balance of the net remuneration through the current account with offsetting the deposit.
3.10. Pays to MICHANIKI for maintenance of the mechanical equipment an amount of € 500 plus VAT 24% (price L. 145) with cash payment.

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