Hubtown limited ordered to buy 500 units of inventory from Skipper Limited on January 23, 2017. Theinventories were delivered for credit on February 17, subject to a 3% discount if Skipper limited receivepayment by March 17. Each unit was priced Rs 53. However, the Skipper limited received the paymentfrom the Hubtown on March 13. On June 16, Hubtown limited retuned 30 units of inventory to Skipperlimited for a full cash. Calculate the net sales of the Skipper Limited for the period?

The net sales of Skipper Limited for the period is Rs 24,115.Explanation:To calculate the net sales…

Answered: Hubtown limited ordered to buy 500…

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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On June 10, 2016, PT A selling merchandise on credit to PT B with a transaction value of Rp 33,000,000 (including VAT 10%). On 15 June 2016, PT B made a payment of 60% and the remaining 40% was paid on 25 June 2016. Requested:a. Keep a sales journal and payment receipt at PT A!b. Keep a journal of purchases and payments at PT B if VAT can be credited!c. Keep a journal of purchases and payments at PT B if VAT cannot be credited!
The beginning balances of inventory account and allowance for inventory write-down account of JAMES Inc. is ₱230,000 and ₱10,000, respectively. Inventory purchases for 2022 total to ₱2,445,000, including cash purchases of ₱866,000. Purchases returns from cash purchases total to ₱50,000, while returns from purchases on account total to ₱80,000. Purchase discounts availed by the company is ₱200,000. Inventory as of December 31, 2022 total to ₱360,000, with an estimated selling price of P400,000. Costs expected to be incurred to sell the inventory is 15% of the selling price. What is the December 31, 2022 balance of allowance for inventory write-down? [A] 10,000 [B] 20,000 [C] 30,000 [D] 0
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Ayayai Ltd. distributes suitcases to retail stores. At the end of June, Ayayai's inventory consisted of 70 suitcases purchased at $50 each. Ayayai uses a perpetual inventory system. Ayayai has experienced a 5% return rate historically. During the month of July, the following merchandising transactions occurred: July 2Purchased 75 suitcases on account for $70 each from Sandhill Ltd., terms 2/10, n/30. 3Received a $280 credit from Sandhill after returning four suitcases because they were damaged. 6Sold 60 suitcases on account to Satchel World Inc. for $90 each, with an individual cost of $50, terms n/45. 7Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. 9Sold three suitcases-the right model number this time-on account to Satchel World Inc. for $100 each, with an individual cost of $70, terms n/30 11Paid Sandhill the balance owing 13Sold 30 suitcases on account to The Going Concern Limited for…
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The following transactions occurred in the books of Pay n Pick limited for the month of April 2015:1 April Purchases 10 000 units @ R1,2010 April Purchases 12 000 units @ R1,5015 April Sales 25 000 @ R3,0020 April Purchases 8 000 @ R1,8023 April Sales 10 000 units @ R3,30Additional Information:The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand.REQUIRED:5.1 Calculate closing stock at 30 April 2015 using First in First out (FIFO). (20)5.2 Calculate Cost of sales at 30 April 2015. (5)5.3 Calculate how much gross profit Pay n pick made in the month of April.
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