am. 113. Buy Your Car purchased one of its fleet vehicles from a company in Kenya in the month of March. The customs value of the car amounted to R362539 and surcharges of R3685 per fleet vehicle. YOU ARE REQUIRED TO calculate VAT levied on the importation of the fleet vehicles from Kenya.

VAT on Imported Vehicles:When you import a vehicle, you'll typically need to pay VAT along with…

Answered: Buy Your Car purchased one of its fleet…

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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Q4. What is the meaning of: b. n/eom:
Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
2. K.K. Menasha is in business as a trader. A trial balance taken out as on 31t January, 2006, was as follows: GH¢ GH¢ Purchases 84,000 Sales 100,480 Return inwards& outwards 272 696 Salaries & wages Rent & rates 8,200 1,720 1,500 268 Sundry Expenses Bad Debts Provision for bad debts-1st Feb. 2005 560 Stock on hand-1st Feb. 2005 Fixtures & Fittings: 27,260 -1st February, 2005 -Additions on 30" September, 2005 2,800 480 Motor Vehicle: -1s February, 2005 1,840 -Sales of vehicle (NBV 1/2/05, ¢160) 240 9,220 Sundry Debtors & Creditors Cash at Bank & in hand 7,704 7,640 Capital Account Drawings Account 41,520 5,200 151,200 151,200 You required to prepare Statement of Profit or Loss for the year ended 31" January 2006, and draw up a Statement of Position as at that date. The following information is to be taken into account. Outstanding amounts not entered in the books were: Rent ¢72, sundry expenses ¢180. Prepayments were: Rates ¢120, Insurance ¢20 Stock on hand on 31st January 2006 was…
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Buy Your Car purchased one of its fleet vehicles from a company in Kenya in the month of March. The customs value of the car amounted to R362539 and surcharges of R 3685 per fleet vehicle. YOU ARE REQUIRED TO calculate VAT levied on the importation of the fleet vehicles from Kenya.