27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW

27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW

Name: 27. The following information was extracted from the books of XYZ tra
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Description: 27. The following information was extracted from the books of XYZ traders for the periodended 31/3/2011.March 1:March 2:March 3:March 4:March 5:March 7:March 11:March 14:March 17:March 20:March 22:March 27:started business with Ksh 100,000 cash from

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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E6-2 Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1 The following transactions were selected from the records of Ocean View Company: July 12 Sold merchandise to Customer R, who charged the $3,000 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $9,000; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
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Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
Fill in the missing amounts in the following schedules.
15. SSS Company purchased goods worth P200,000 and got a trade discount of P4,000. The accountant should A. debit to Purchase discount for P4,000 and debit to Purchases for P196,000 B. debit to Purchase discount for P4,000 and debut to Accounts payable for P196,000 C. debit to Purchases for P200,000 D. debit to Purchases for P196,000
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Prepare ram account from the following transaction
13 - Which of the following transactions does the above journal entry belong to? a) Goods purchase record from vendors with debit note B) Goods purchase record on credit NS) Goods purchase record from the seller with a bank loan D) Record of purchase of goods on credit from vendors TO) Purchase registration with credit card
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Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL VAT AMOUNT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A B Advertising СВР D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200 Q.3.2.1 Calculate the amounts for A to J Q.3.2.2 Calculate the Input VAT Total Q.3.2.3 Calculate the Output VAT total Q.3.2.4 Calculate the Vat payable or refundable. Clearly indicate if it is payable or refundable and if it is an asset or liability
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