XYZ Marbles (PTY) Ltd has entered into agreement with Buy and Deliver (Pty) Ltd to provide the following goods to its customer in South Korea. The terms of the agreement are as below: 1. Buy and Deliver (Pty) Ltd is to arrange for the transport of the marbles from Namibia to the South Korean customer. The cost of transport will be on XYZ Marbles (Pty) Ltd 2. Buy and Deliver (Pty) Ltd is to clear all the export requirements XYZ (Pty) Ltd in Namibia. 3. XYZ Marbles (Pty) holds the risk of the Marbles stock until they reach the customer. 4. XYZ (Pty) Ltd has set the price of the Marbles at N$ 1,000,000.00. Buy and Deliver is not allowed to make any changes to the price set. The transaction has been completed as below: 01 January 2020 XYZ Marbles (Pty) Ltd completes the extraction of the marbles. 30 January 2020 Buy and Deliver arranges the transport to South Korea of the Marbles Number of pictures posted Number of social media likes Number of Youtube views Date of completion Lodge 1 15.00 65,000.00 160,000.00 30-Mar-20 Lodge 2 25 15,000.00 250,000.00 16-Jun-20 Lodge 3 25 153,000.00 500,000.00 30-Oct-20 Page 15 of 21 28 February 2020 The customer receives the goods and pays over the sale amount of N$ 1,000,000 to XYZ Marbles (Pty) Ltd 28 February 2020 XYZ (Pty) Ltd pays a commission amount of N$200,000.00 to Buy and Deliver (Pty) Ltd. Prepare journals to reflect the transactions on the 28 February 2020, in the books of the companies.
XYZ Marbles (PTY) Ltd has entered into agreement with Buy and Deliver (Pty) Ltd to provide the
following goods to its customer in South Korea. The terms of the agreement are as below:
1. Buy and Deliver (Pty) Ltd is to arrange for the transport of the marbles from Namibia to the South
Korean customer. The cost of transport will be on XYZ Marbles (Pty) Ltd
2. Buy and Deliver (Pty) Ltd is to clear all the export requirements XYZ (Pty) Ltd in Namibia.
3. XYZ Marbles (Pty) holds the risk of the Marbles stock until they reach the customer.
4. XYZ (Pty) Ltd has set the price of the Marbles at N$ 1,000,000.00. Buy and Deliver is not allowed to
make any changes to the price set.
The transaction has been completed as below:
01 January 2020
XYZ Marbles (Pty) Ltd completes the extraction of the marbles.
30 January 2020
Buy and Deliver arranges the transport to South Korea of the Marbles
Number of pictures posted Number of social media likes Number of Youtube views Date of completion
Lodge 1 15.00 65,000.00 160,000.00 30-Mar-20
Lodge 2 25 15,000.00 250,000.00 16-Jun-20
Lodge 3 25 153,000.00 500,000.00 30-Oct-20
Page 15 of 21
28 February 2020 The customer receives the goods and pays over the sale amount of N$ 1,000,000 to XYZ Marbles (Pty) Ltd 28 February 2020 XYZ (Pty) Ltd pays a commission amount of N$200,000.00 to Buy and Deliver (Pty) Ltd.
Prepare journals to reflect the transactions on the 28 February 2020, in the books of the companies.
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