Question
Do the T-accounts for the following 1 Purchase of goods for a value of $50,000 plus VAT; 20% is paid by bank transfer and the
Do the T-accounts for the following
1 Purchase of goods for a value of $50,000 plus VAT; 20% is paid by bank transfer and the rest is to be paid in 21 days. bank transfer and the remainder is to be paid in 21 days.
2 Sells goods for $1,000,000 plus VAT. 50% is deposited in the company's bank account and 50% remains on credit for 30 days. and 50% remains on 30 days credit. The cost of goods sold is $400,000.
3 An executive chair for the boardroom is purchased on credit for $3,000 plus VAT.
4 A new partner joins the company with a contribution of $50,000 which is deposited in the company's bank account. 50,000 is deposited in the bank account
5 A bank transfer of 100,000 is made to pay suppliers.
6 Salaries are paid by bank transfer for 550,000. 80% corresponds to the sales department and 20% to the sales department and 20% to the administration department.
7 The customer in transaction 2 makes a bank transfer paying 80% of his debt.
8 As a result of the bank credit, the company pays 48,000 by bank transfer; of which 35,000 plus VAT is for the payment of interest and the rest is to pay part of the debt.
9 A delinquent customer is charged interest of $300 (including VAT). Amount for which the customer makes a bank transfer
10 Administration and sales expenses of $360,000 plus VAT are paid by bank transfer. transfer. 60% is for Selling Expenses and 40% for Administration Expenses.
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