BLOCK C/2018/4Red John AG restores antique furniture and trades in antiques. Create the posting records for t1!Red John AG's account will receive € 11,305 on 05.01.t1. Thus, a customer of Red John AG settles his debt from t0 with a 5% discount.A customer returns a damaged antique to Red John AG in February t1 . The complaint will be processed immediately and the customer will receive a refund in cash. The value of the goods is € 35.70 gross. Due to numerous antique purchases at Krempel AG, Red John AG receives a bonus of € 6,464.08 VAT. This will be transferred to her in February t1. At the end of November t1, Red John AG sells a desk made of operating and office equipment. The desk is scheduled to be delivered to the buyer in January t2. Already on 02.12. t1, Red John AG receives the full purchase price of 530 € plus VAT in bar. In July t0, Red John AG acquired a machine for restoration work for € 30,000 The machine has a useful life of 7 years and is depreciated at a depreciation rate of 30% geometrically declining balance.Red John AG generates a net loss of €20,000 in t1. There are retained earnings of €50,000. Assume that Red John AG does not intend to prescribe a loss carryforward and book the net loss at the end of the financial year directly.

Posting records or journal entries are: Particulars Amount 1.…

Answered: Red John AG restores antique furniture…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

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BLOCK C/2018/4

Red John AG restores antique furniture and trades in antiques. Create the posting records for t1!

Red John AG's account will receive € 11,305 on 05.01.t1. Thus, a customer of Red John AG settles his debt from t0 with a 5% discount.
A customer returns a damaged antique to Red John AG in February t1 . The complaint will be processed immediately and the customer will receive a refund in cash. The value of the goods is € 35.70 gross.
Due to numerous antique purchases at Krempel AG, Red John AG receives a bonus of € 6,464.08 VAT. This will be transferred to her in February t1.
At the end of November t1, Red John AG sells a desk made of operating and office equipment. The desk is scheduled to be delivered to the buyer in January t2. Already on 02.12. t1, Red John AG receives the full purchase price of 530 € plus VAT in bar.
In July t0, Red John AG acquired a machine for restoration work for € 30,000 The machine has a useful life of 7 years and is depreciated at a depreciation rate of 30% geometrically declining balance.
Red John AG generates a net loss of €20,000 in t1. There are retained earnings of €50,000. Assume that Red John AG does not intend to prescribe a loss carryforward and book the net loss at the end of the financial year directly.

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