The company Young Furniture has the following business transactions in the year 01. Always assume the standard VAT rate of 19%% The business year is the same as the calendar year. Farm the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2. The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked 5 The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.

The company Young Furniture has the following business transactions in the year 01. Always assume the standard VAT rate of 19%% The business year is the same as the calendar year. Farm the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2. The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked 5 The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.

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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Concept explainers

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

Question

The company Young Furniture" has the following business transactions in the year 01. Always assume the standard VAT rate of 19% The business year is the same
as the calendar year.
Form the posting records for the following business transactions.
1. The company buys a company car worth € 65.000 (net) on credit.
2 The company pays its outstanding invoice of € 2.380 by bank transfer.
3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank.
4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on
credit was already booked.
5. The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.

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