Entity A, a VAT-registered business in the Philippines, had total sales of $3,000,000 and total purchases of P1,200,000 (both exclusive of VAT) during 20x1 Show all your solutions 1. How much is the Output VAT? 2. How much is the Input VAT? 3. How much VAT should Entity A remit to the BIR? 4. What is the journal entry to record the sales? 5. What is the journal entry to record the purchases

Entity A, a VAT-registered business in the Philippines, had total sales of $3,000,000 and total purchases of P1,200,000 (both exclusive of VAT) during 20x1 Show all your solutions 1. How much is the Output VAT? 2. How much is the Input VAT? 3. How much VAT should Entity A remit to the BIR? 4. What is the journal entry to record the sales? 5. What is the journal entry to record the purchases

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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16. In a business's books, the ledger account of Gar Mack, a creditor, shows a debit balance of R450. What does this mean? a. Gar Mack has paid R450 to the business b. Gar Mack owes the business R450 c. The business has paid Gar Mack R450 d. The business owes Gar Mack R450 17. A truck cost R800 000. The price included R3 600 for petrol. The total payment of R800 000 was debited to the Truck Account. What is correct entry to record the purchase? a. Dr Vehicles R803 600 Cr Bank R803 600 b. Dr Vehicles R800 000 Cr Bank R800 000 c. Dr Bank R800 000 Cr Vehicles R800 000 d. Dr Bank R803 600 Cr Vehicles R803 600 18. A vehicle costing R200 000 is depreciated by 20% per annum on the diminishing balance method. What is the depreciation charge at the end of the second year? a. R32 000 b. R40 000 c. R64 000 d. R80 000 19. An invoice for an expense owing shown in the Statement of Financial Position is shown as a a. Current asset b. Non-current asset c. Current liability d. Non-current liability
Kindly read and follow the instructions before you answer. 1. Solutions must be in GOOD ACCOUNTING FORM. 2. Round off Answers to WHOLE NUMBERS, unless specific instruction was provided. A, B, and C formed a joint operation. The following were taken from the joint operation's books: Debit Credit JO- Cash 80 B, Capital 60 C, Capital 88 The cost of unsold inventory is P72. The joint operation's profit is P44. How much is the balance of the joint operation account before distribution of profit?
(b) Sunrise Ltd has used a number of source documents in its business activities. Those source documents are as follows; March 2 Issued an invoice (invoice number E324) to Amir with amount RM10,000. 6 Received an invoice (invoice number N263) from Mimi with amount RM7,250. 18 Received a credit note (credit note number M08) from Mimi due to returns of inventory with amount RM500. 24 Issued a cash bill (cash bill number CB38) to Ravin with amount RM796. 28 Issued a credit note to Amir (credit note number CN95) due to returns of inventory with amount RM316. Locate the above business activities into suitable books of prime entry.
Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Balance 7 000 Accounts Sales Purchases commission Purchases Purchases return Creditors Freight out Purchases allowance Balance 830 000 18 000 Accounts Repair Interest received Revenue 25 000 480 000 70 000 90 000 Sales allowance 20 000 3 000 000 22 000 2 000 000 Loan Import customs Beginning inventory Sales discount 165 00 25 000 90 000 Purchases discount 10 000 8 000 Building 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission lighting Purchases expenses Depreciation 21 000 14 000 Salaries 120 000 Rent 80 000 26 000 Sales return 12 000 10 000 000 2 000 000 18 000 Bank 1 200 000 65 000 cash Debtors Ending inventory Capital Ins: 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)
6. 131 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. a. What is the entry for this transaction on the horizontal equation? b. What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Cash %3D Flow a. b. 4) Here are the inventory purchases and sales for Fraser Company: Inventory Layers Available for Sale: October 1 Beginning Inventory 14 @ $16 $224 9. Study guide - Chapter 5 (with solutions).docx 19 f12 Oly prt sc 114
PROBLEM: Selected transactions from Juliana transport services began on August 6, 2020 by Naz Roby as? A. Juliana invested P700,000. B. Airplane was purchase by business for P 450,000. C. Equipment purchase on credit for 8,000. D. A bill of P7,000 for transporting goods was sent to Mrs. Edge, a customer. E. Cash of P6,000 is received from Mrs. Edge. F. Received P20,000 in cash for transporting goods. G. A payment of P6,000 was made on the equipment purchased in c. H. Paid expenses of different types for P1,500 in cash. 1. Equipment of P1,000 was withdrawn from business for Naz Roby's personal use. | Owner's equity assets AIRPLAN EQUIPME liabilities ACC PAYABLE ACC CASH NT RECEIVABL a bal b. bal bal bal bal f bal bal bal bal TOTAL
A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500
Questtion A: why not there will be accounts recevable? "Purchased widgets from Traders International for 100,000 in 20-Jun cash. FOB Destination. The freight cost of 5,000 paid in cash" Buyer paid on be half of seller. Question B: Please share followings: Prepare the ledgers for revenue and expenses only Prepare the closing journal for revenue and expenses the trial balance
3. Wine Company recorded purchases at net amount. On December 10, the entity purchased merchandise on account, P4,000,000, terms 2/10, n/30. The entity returned P300,000 of the December 10 purchase and received credit on account. The account had not been paid on December 31. At what amount should the account payable be adjusted on December 31? a. 74,000 b. 86,000 C. 80,000 d. 0
Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: 1. ProvidedP100,000 cash as initial investment. 2. Obtained a P50,000 loan. 3. Acquired furniture and fixtures for P80,000 cash. 4. Acquired inventory on account for P60,000. (Use perpetual inventory system) 5. Sold goods on cash basis for P200,000. The cost of sales is P20,000. 6. Sold goods on account for P300,000. The cost of sales is P30,000. 7. Paid supplies expense for P20,000 cash. 8. Paid rent expense of P180,000. 9. Paid utilities expense of P40,000. 10. Collected P240,000 accounts receivable. 11. Paid P30,000 accounts payable. 12. Made total drawings of P25,000.
wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500
Consider the following transactions of Johnson Software: Mar. 31 Apr. 6 Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Accounts and Explanation Date Mar. 31 Debit Credit