For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.1.- Make the entry of person requesting a Credit Note for 30% of an Invoice of $1.000 plus VAT, for purchase of forward stocks. 2.- Make the entry for issuer of a Credit Note for 30% of an Invoice of $1,000 plus VAT, for purchase of forward stock. Cost of which had been $600. Assume that stock is reusable.3.- What document should be issued by a supplier who sent more units than those required by his customer and in case the latter would like to keep those excess units. 4.- Under FIFO method, if you sold on credit at a unit price of $20, first 4 units at a cost of $10 each, then 4 units at a cost of $12 each and finally 4 units at a cost of $15 each, what should you record if 6 non-reusable units are returned to you, which you consider normal?5.- For a trading company it is better to buy locally, because if I import and do not sell, I must show the transfers as losses. Comment.
For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.
1.- Make the entry of person requesting a Credit Note for 30% of an Invoice of $1.000 plus VAT, for purchase of forward stocks.
2.- Make the entry for issuer of a Credit Note for 30% of an Invoice of $1,000 plus VAT, for purchase of forward stock. Cost of which had been $600. Assume that stock is reusable.
3.- What document should be issued by a supplier who sent more units than those required by his customer and in case the latter would like to keep those excess units.
4.- Under FIFO method, if you sold on credit at a unit price of $20, first 4 units at a cost of $10 each, then 4 units at a cost of $12 each and finally 4 units at a cost of $15 each, what should you record if 6 non-reusable units are returned to you, which you consider normal?
5.- For a trading company it is better to buy locally, because if I import and do not sell, I must show the transfers as losses. Comment.
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