An entity had the following transactions during May 2020 Purchases of merchandise R205 000 and equipment R125 000 Sales of Merchandise R425 000 If all amounts are INCLUSIVE of VAT, calculate the amount payable/receivable to/from the South Africa Revenue Services
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An entity had the following transactions during May 2020
- Purchases of merchandise R205 000 and equipment R125 000
- Sales of Merchandise R425 000
If all amounts are INCLUSIVE of VAT, calculate the amount payable/receivable to/from the South Africa Revenue Services.
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Solved in 2 steps
- Calculate the VAT on the following exclusive amount R25 500 Calculate the exclusive amount of the following VAT amount R3 500 Q2) An entity had the following transactions during May 2020 Purchases of merchandise R205 000 and equipment R125 000 Sales of Merchandise R425 000 If all amounts are INCLUSIVE of VAT, calculate the amount payable/receivable to/from the South Africa Revenue Services.What will be the amount of payment on a bill of goods amounting to P6,700; terms 4/10, 3/20, n/30 dated August 16; and paid August 31?Mozzie Ltd has a functional currency of A$. On 1 April 2023, Mozzie Ltd sells goods to a customer on credit terms for US$100 000. On 1 August 2023, cash is received from the customer to settle the invoice Exchange rates are:1 April 2023 US$1.00 = A$1.3030 June 2023 US$1.00 = A$1.501 August 2023 US$1.00 = A$1.40What is the journal entry to record the sale transaction on 1 April 2023? a. DR Accounts Receivable $130 000CR Sales $130 000 b. DR Accounts Receivable $130 000DR Foreign Exchange Loss $20 000CR Sales $150 000 c. DR Accounts Receivable $150 000CR Foreign Exchange Gain $20 000CR Sales $130 000 d. DR Inventory $130 000CR Accounts Payable $130 000
- On 1 December 2019, Company EX, with a functional currency and presentation currency in HKD, sold and deliver an inventory to a customer in Paris at EUR10,000. EX has received the money only in 2020. Exchange rate of EUR/HKD was 8.79 and 8.96 respectively on 1 December 2019 and 31 December 2019. Required: Prepare the journal entries for EX in HKD for the year ended 31 December 2019Accounting Your client presents you with a bill of lading and commercial invoice for a consignment of goods valued at AUD 50,000.00. Describe what type of entry is required to clear this consignment through Customs.Mozzie Ltd has a functional currency of A$. On 1 April 2023, Mozzie Ltd sells goods to a customer on credit terms for US$80 000. On 1 August 2023, cash is received from the customer to settle the invoice Exchange rates are:1 April 2023 US$1.00 = A$1.3030 June 2023 US$1.00 = A$1.551 August 2023 US$1.00 = A$1.45What is the journal entry at the date of cash receipt on 1 August 2023? a. DR. Cash $124 000CR. Foreign Exchange Gain $8 000CR. Accounts Receivable $116 000 b. DR. Cash $55 172CR. Foreign Exchange Gain $3 559CR. Accounts Receivable $51 612 c. DR. Cash $116 000DR. Foreign Exchange Loss $8 000CR. Accounts Receivable $124 000 d. DR. Cash $116 000CR. Foreign Exchange Gain $20 000CR. Accounts Receivable $104 000
- Problem 1: On November 1, 2020, an entity acquired on account goods from foreign supplier at a cost of 1,000 USD. The accounts payable are paid on January 30, 2021. On December 1, 2020, an entity sold on account the said goods to a foreign customer at a selling price of 1,500 USD. The accounts receivable is collected on February 28, 2021. The entity is operating in Philippine economy wherein the functional currency is the Philippine Peso. The following direct exchange rates are provided: 12/1/20 12/21/20 1/30/21 11/1/20 2/28/21 Buy Sell 40 39 45 43 42 42 40 47 46 45 What is the sales revenue to be reported by the entity for the year ended December 31, 2020? b. What is the cost of sales to be reported by the entity for the year ended December 31, 2020? What is the book value of accounts receivable on December 31, 2020? d. What is the book value of accounts payable on December 31, 2020? What is the net foreign currency gain or loss for the year ended December 31, 2020? а. С. е.BLOCK D/2018/1 In t1, you purchase goods on target in the amount of € 9 thousand (net). Furthermore, transport costs of € 500 (net) to be paid to an external service provider for the purchase of the goods are incurred (incidental acquisition costs); payment is also made on destination. Your col- lege posts the goods receipt as follows: purchase of goods € 9,000 and amounts of € 1,710 intrade payables € 10,710 as well as Other operating expenses for trade payables €500. The goods are to be sold in t2. It is foreseeable that you will be able to sell the goods witha high profit margin. Do the postings of the colleague lead to an accrual determination of success? If further bookings or corrections are required in t1, make them and justify your action with reference to the possible bookings. relevant legal regulations!1. On November 1, 2020, an entity acquired on account goods from a foreign supplier at a cost of $3,000. The accounts payable are paid on January 30, 2021. On December 1, 2020, an entity sold on account goods to a foreign customer at a selling price of $2,500. The accounts receivable is collected on February 28, 2021. The entity is operating in Philippine economy wherein the functional currency is the Philippine Peso. The following exchange rates are provided Buying spot rate Selling spot rate November 1, 2020 P40 P42 December 1, 2020 39 40 December 31, 45 45.5 2020 January 30, 2021 45.5 46 February 28, 2021 46 46.5 What is the carrying amount of monetary asset on December 31, 2020?
- A company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$250,000. The payable was incurred when the exchange rate was US$1 = Cdn$0.82. At year-end, the rate is $0.79. Required: 1. What amount of inventory is recorded? Amount of inventory 2. What amount of exchange gain or loss will the company report for the year? Amount of exchange gain or losA company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$ 170,000. The payable was incurred when the exchange rate was US$1 = Cdn$0.79. At year - end, the rate is $0.75. Required: 1. What amount of inventory is recorded? 2. What amount of exchange gain or loss will the company report for the year?Accounting records of Company C are expressed in EUR. On 30 April 20XX, it sells goods to a foreign company that requests the amount of the sale to be expressed in USD. No VAT to be charged. When the invoice is sent to the client for an amount of USD 1.000, the exchange rate EUR / USD is 1. On 31 May 20XX, the client paid the invoice in USD on the EUR bank account so that the amount in USD is immediately converted into EUR at the current exchange rate. The current exchange rate is 1EUR = 1,10 USD. Prepare the accounting journal entries for the sale and the repayment.
