None The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28February 2022RCash receipts journalVAT input525,00VAT output17 640,00Cash payments journalVAT input8 505,00VAT output567,00Purchases journalVAT5 733,00Sales journalVAT9 660,00Purchases returns journalVATSales returns journalVAT735,00483,00On 1 February 2022, the VAT input account had a debit opening balance of R10 920 and the VAToutput account had a credit opening balance of R15 960.Calculate the closing balance of the VAT input account as at 28 February 2022NB: Instructions1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)2. Only show the amount, do not show the R (eg 12141.72)Answer

Certainly, I can help you calculate the closing balance of the VAT input account for Africa…

Answered: The following VAT balances were…

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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pot (28 October 2018) 1.1017/18 4.2200/699 1.3917/87 1 Month 473/492 74/119 106/138 2 Month 103/106 152/202 225/285 3 Month -187/+187 278/228 36/42 The following rates are quoted by banks as at 28 October 2018.Based on the above rates, calculate the following (assume no margins or charges areimposed and all exchange controls/regulations are complied with): b. Quoting bank buys SGD/MYR fixed three month delivery.
An Indian bank displayed the spot rate, 30 days and 60 days forward rates for INR/USD as follows: INR67.5686-788/USD 24/28 15/13 What would be the exact quotations of the 60 days forward rate? O a. INR67.5701-801/USD O b. INR67.5710-816/USD O c. INR67.5671-775/USD O d. INR67.5662-760/USD
Required: 1. Calculate the exchange gain or loss to be reported in 20X7. (Do not round intermediate calculations.) 2. Calculate the accounts receivable on the 31 December 20X7 statement of financial position. 3. Calculate the sales revenue to be recorded from the transactions listed above. Thumb up if you have the correct answer! Thanks
12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the export
Hull Manufacturing Corp. (HMC), a Canadian company, manufactures instruments used to measure the moisture content of barley and wheat. The company sells primarily to the domestic market, but in Year 3, it developed a small market in Argentina. In Year 4, HMC began purchasing semi-finished components from a supplier in Romania. The management of HMC is concerned about the possible adverse effects of foreign exchange fluctuations. To deal with this matter, all of. HMC's foreign-currency-denominated receivables and payables are hedged with contracts with the company's bank. The year-end of HMC is December 31. The following transactions occurred late in Year 4: • On October 15, Year 4, HMC purchased components from its Romanian supplier for 807,000 Romanian leus (RL). On the same day, HMC entered into a forward contract for RON807,000 at the 60-day forward rate of RON1 = $0.415. The Romanian supplier was paid in full on December 15, Year 4. • On December 1, Year 4, HMC made a shipment to a…
I. A. Prepare all entries on the Phil. firm’s books to record the above transactions B. Determine the following: Foreign exchange gain or loss on:i. December 1, 20x4ii. December 31, 20x4iii. March 1, 20x5 On December 31, 20x4:i. Accounts payableii. Inventory Part 2 REQUIRED: Translate (translation working paper) the financial statements of GoldCorporation into the presentation currency which is Philippine peso.
Goods are sold on 30.09.2022 to the company "PD" instead of the amount of €10,000, with promissory notes to our order due on 28.02.2023 to which interest of €500 is added (the company separates on 30.09.2022 the interest into: accrued and unearned accrued interest on notes receivable). Make the journal entry
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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 2019

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