On 1st April 2016, Jaitra consigned some smart phones to Ronak at invoice price of Rs. 9,999 each. The invoice price was fixed after adding 33% 3 profit on invoice price. Jaitra incurred the following expenses at the time of dispatching the smart phones : Freight Rs. 25,000 Insurance Rs. 1,00,000 Ronak is entitled to get 11% commission on total sales and 5% del credere commission on credit sales. Ronak paid Rs. 18,000 for clearing charge and Rs. 30,000 for selling expenses. He sold 4/5 of consigned phones at 33% profit on invoice price at 10% 3 trade discount, of which 1/4 smart phones were sold on credit. It was found that 1/2 smart phones of the remaining were still in transit and remaining phones were destroyed. Insurance company admitted the claim at 10% less. Total sales made by Ronak in which Rs. 14,39,856 was cash sales. Ronak sent a bank draft for the balance amount. Write journal entries in the books of Jaitra.

Zonker NV purchases 500 units of an item at an invoice cost of €30,000. What is the cost per unit? If the goods are shipped f.o.b. shipping point and the freight bill was €1,500, what is the cost per unit if Zonker pays the freight charges? If these items were bought on 2/10, n/30 terms and the invoice and the freight bill were paid within the 10-day period, what would be the cost per unit?

Monica company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net 30 payment option. Two days after sale, the customer complained and they allowed them a $1,000 sales allowance. The customer paid the net amount within 8 days after the sale. The cash proceeds received by the seller are _.

can you please explain how to recognize the revenue if you have the information below using IFRS The A company sells copy machine at a sales price of JPY1,500,000 per unit. The salesprice includes delivery and installation. It also gives a maintenance service (6 years) in which atechnician checks to make sure that the machine is working properly with a price of JPY500,000(one-time prepayment).The A company has started a promotion campaign in which the maintenance service (6years) will be offered for free to a client that buys a copy machine of JPY 1,728,000.The A company has made a contract to sell a copy machine with the maintenance service(6 years) to B company by JPY 1,728,000.

Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines related to the prepaid telephone cards. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2017. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,000. Indicate how much income Telephone Sellers should recognize in January, February, March, and April.

Please answer the question correctly. Thank you.

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund llability of $390,000. During 2024, Halifax sold merchandise on account for $12,400,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $368,000 in sales for credit, with $203,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the…

Halifax Manufacturing allows its customers to return merchandise for any reason and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $390,000. During 2024, Halifax sold merchandise on account for $12,800,000. Halifax's merchandise costs are 70% of merchandise selling price. Also during the year, customers returned $370,000 in sales for credit, with $204,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the amount of the year-end refund…

From July 1 to August 30, 2020, Busy Beaver Ltd. completed the following transactions:On July 1, Busy Beaver sold 40 computers at a unit price of $3,000 to Heintoch Corp., terms1/15, n/30. Average cost for these computers was $1,500. Busy Beaver also paid the freightcosts of $3,200 cash. On July 5, Heintoch Corp. returned for full credit three damagedcomputers from the July 1 shipment. These were not returned to inventory. Heintoch agreedto pay the $240 freight cost to return the computers to Busy Beaver. On July 10, Busy Beaverreceived payment from Heintoch for the full amount owed from the July transactions. On July14, Busy Beaver purchased 50 computers on account from Correl Computers Ltd. for $1,500per unit plus freight for $4,000. On July 17, Busy Beaver sold $224,000 in computers andperipherals to Perkins Store, terms 1.5/10, n/30. Cost for these computers was $112,000. OnJuly 26, Perkins Store paid Busy Beaver for half of its July purchases. On August 30, PerkinsStore paid Busy…

On february 5, 2018, nicanor merchandising has purchased goods on account amounting to 500,000 with credit terms of 3/15, n/60 from its major trade supplier. nicanor operates 360 days a year. Required: 1. compute the nominal cost of trade credit 2. compute the effective cost of trade credit 3. assuming nicanor did not pay the account within the discount period, how much is the penalty in using the money for the next 45 days? 4. in case the prevailing interest rate on bank loan is 20% per annum at simple interest, should nicanor pay within the discount period or not? Breifly discuss your answer and present supporting computation. 5. determine the net monetary benefit that nicanor will enjoy in selecting the optimal alternative.   please answer 3-5 thank you