Jojomat Ltd owns a small business making and selling children’s toys. The following trial balance was extracted from her books on 31 December 2020: capital 15000 drawing 2000 sales 90000
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Jojomat Ltd owns a small business making and selling children’s toys. The following
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- Darlings Limited opened a store in March 2020. Darling sold discounted holiday packages to customers. All money is deposited at the end of the day. The packages are marked up at cost plus 20%. The business is a registered VAT vendor and trades only with other registered vendors. The following transactions took place for the month of March: 1. The store was started with a capital contribution of R50 000 from the owner, Hello Darling. The amount was deposited directly into the bank account. 3.5 customers bought packages for R15 000 cash each. Issued receipts R2-6. 7. Kitchen equipment was purchased for the staff from IC. Corp for R20 000 and they were paid via EFT. 12. 2 customers bought packages priced at R20 000 cash each. Issued receipts R7-8 15. R30 000 cash was withdrawn to pay wages. 4 27. Bank statement showed interest earned by the business of R250 for the month. Complete the cash receipts and cash payments journal for the month of March 2020. Totals not Required. Include columns…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%.Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
- On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, UFO reported sales of 6 handbags at P30,000 each and incurred expenses of P12,500 and remitted the net proceeds due to KBO after deducting a 20% commission on the sales price. 1. How much net income did KBO realize in August on the consignment? A. 37,500 income C. 33,500 loss B. 32,500 income D. 32,500 lossBuyer Z purchases ABC company for $600K plus $70K in inventory. Buyer Z pays $500K up front and will pay the remaining $100K as an earnout if goals are met within 12 months. Provide the entries for the purchase of ABC Company.On 1st July 2020 Al Khareef flour mills bought two wheat grinding machines for RO 18000. The whole amount was Financed by Bank Nizwa for monthly instalments of RO 600. On 30 December 2020 the company sold one of the machine for RO 7200 and paid the Full amount to Bank Nizwa to be adjusted with the loan. How much amount will be shown under current liabilities on 31 December 2020. a. RO 18000 b. RO 14400 c. RO 9000 d. RO 7200
- Linda started the business of buying and selling toys in Oxford on the 1st of October 2020. Sheis preparing accounts to 31st October 2020. She contributed to the business with £8,000 inthe Bank, £5200 cash, and 3,000 Van. The transactions during the month are as follows:2/10 Bought a new Laptop £1000 from a local shop in Oxford and paid by cheque4/10 Purchased toys (goods) £2450 on credit from Toys Ltd5/10 Sold goods for £ 1500 and received the money in Bank12/10 Paid in Cash £80 for repairing laptop18/10 Goods returned to Toys Ltd £10021/10 Received rent for part of the premises by cheque £50023/10 Sold goods to Fred £1900; from this amount £1500 cash received immediately and therest remains on credit.23/10 Sold goods of £500 to David and received cash24/10 Bought a second-hand car from Oxford motor vehicle auction for business use byissuing a cheque £250026/10 Paid the month’s wages to the part-time shopkeeper by cheque £82030/10 Paid rent by cheque £100031/10 Linda has also paid…Linda started the business of buying and selling toys in Oxford on the 1st of October 2020. Sheis preparing accounts to 31st October 2020. She contributed to the business with £8,000 inthe Bank, £5200 cash, and 3,000 Van. The transactions during the month are as follows:2/10 Bought a new Laptop £1000 from a local shop in Oxford and paid by cheque4/10 Purchased toys (goods) £2450 on credit from Toys Ltd5/10 Sold goods for £ 1500 and received the money in Bank12/10 Paid in Cash £80 for repairing laptop18/10 Goods returned to Toys Ltd £10021/10 Received rent for part of the premises by cheque £50023/10 Sold goods to Fred £1900; from this amount £1500 cash received immediately and therest remains on credit.23/10 Sold goods of £500 to David and received cash24/10 Bought a second-hand car from Oxford motor vehicle auction for business use byissuing a cheque £250026/10 Paid the month’s wages to the part-time shopkeeper by cheque £82030/10 Paid rent by cheque £100031/10 Linda has also paid…Pasadenas starts a business on the 1 June 20x8, introducing the following assets: cash £5,000 van £1,000 Pasadenas’s godfather agrees to lend the business £7,200 at an annual interest rate of 5% per annum. The business makes the following cash payments: goods for resale £6,000 rent for 6 months £1,500 In the first month of trade the business makes sales of £5,000 operating on a mark-up on cost of 25%. The inventory/stock held at the end of the first month’s trade was valued at £2,000. [Note: not all information provided above is required to answer this question correctly] Pasadenas’s capital account at the end of the first month’s trade is: Answers: a. £6,000 b. £13,000 c. £720 d. £6,720
- Rachel, a sole trader, prepared accounts for the 6 months ended 31 December 2023. During this period she purchased a machine for £635,000. What are the maximum capital allowances that can be claimed in respect of this machine for the period ending 31 December 2023? Question 19Select one: a. £635.000 b. £512, 150 c. £524, 300 d. £114,300Moon Ltd. sells custom made furniture on 24 months' interest free terms to qualifying customers. On 30 June 2023, Moon Ltd. sells $71,600 of furniture to Jessie Ltd., which cost $40,300, payable by 30 June 2025. By 30 June 2024, only 40% of the ordered furniture was delivered. The appropriate interest rate for this transaction is determined to be 11.20% per annum. Moon Ltd. uses perpetual system. By 30 June 2025, all payment was made, and the remaining furniture was delivered. Required: Question 4 Calculate the present value of the $71,600 to be received on 30 June 2025.Crane Bakery began selling gift cards in 2025. Based on industry norms, they expect that 30% of the gift cards will not be redeemed. In 2025, the bakery sold gift cards with a value of $2000. During that period, gift cards with a value of $500 were redeemed. The amount of revenue that Crane will recognize in 2025 with regard to the gift cards is O $650 O $500 O $2000 O $714