For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.1.- What is the reason for recognising a tax payable at the end of the year if it will only be paid in April of the following year? In your answer, please mention accounting principles.2.- What entry should be made at the end of the month if there is a VAT Credit of $40 and a VAT Debit of $50? 3.- Make the entry for a share swap of one new share for every two of the current 300 shares, increasing the nominal value from $10,000,000 to $30,000,000.4.- Make the entry for the delivery of released offspring of one new share for every two of the 300 current shares, if the nominal value is $10,000,000.5.- If the raw material of a manufacturing company is incorporated 50% at the beginning of the production process and the other 50% at the end, it is irrelevant to know the degree of progress of the units. It is enough to know how many started, how many finished and how many started and finished. Comment.
For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.
1.- What is the reason for recognising a tax payable at the end of the year if it will only be paid in April of the following year? In your answer, please mention accounting principles.
2.- What entry should be made at the end of the month if there is a VAT Credit of $40 and a VAT Debit of $50?
3.- Make the entry for a share swap of one new share for every two of the current 300 shares, increasing the nominal value from $10,000,000 to $30,000,000.
4.- Make the entry for the delivery of released offspring of one new share for every two of the 300 current shares, if the nominal value is $10,000,000.
5.- If the raw material of a manufacturing company is incorporated 50% at the beginning of the production process and the other 50% at the end, it is irrelevant to know the degree of progress of the units. It is enough to know how many started, how many finished and how many started and finished. Comment.
Step by step
Solved in 2 steps
