Im Fertigungsbetrieb Peter Petersen in Flensburg fallen u.a. die nachstehenden Geschftsflle zur Buchung an; die dazu erforderlichen Belege liegen in formal einwandfreier Form vor. Das Unternehmen fhrt nur Umstze zum Regelsteuersatz von 19 % aus und ist in vollem Umfang zum Vorsteuerabzug berechtigt.

1.	Purchasing of raw materials (material) ex works in Munich: List price 1,000,000.00 Granted volume discount 15% plus 19% VAT.
2.	Receipt of the invoice from the forwarder who transported the goods (see process 1) from Munich to Flensburg: 3,094.00
3.	The invoice amount from the delivery under No. 1 will be transferred by bank with a 3% discount
4.	In accordance with a payment request, Petersen banked an amount of 29,750 to the supplier for a machine to be delivered.
5.	Petersen delivers products manufactured by him according to customer orders free domicile Rostock; Invoice amount 291,550.00
6.	P etersen receives the invoice from the freight forwarder for the transport of the goods (see process 5) from Flensburg to Rostock: 4,998.00
7	The Rostock customer (see process 5) receives a credit for 6% of the invoice amount due to a justified notice of defects, because some products did not meet the quality requirements, but are usable.
8.	After receipt of the credit, the Rostock customer transfers the invoice (see No. 5) to Petersen's bank account with a 3% discount.
9.	The ordered machine, for which a down payment has already been made (see process 4), will be delivered and invoiced at 120,000 plus 19% VAT.
10.	The invoice received for the new machine (see No. 9) will be paid by bank transfer, taking into account the down payment made and deducting a 2% discount from the total purchase price. Note: The seller grants the discount deduction from the total purchase price because the down payment and the timely transfer of the remaining amount mean that payment is made promptly.
11.	In order to be able to put the new machine into operation, a TV approval is required; Petersen pays the invoice amount of 357 in cash. Note: TV is a private company that is subject to VAT for this service .
12.	Petersen submits a bill of exchange for 24,000 accepted by a customer a long time ago to his house bank for a discount; this credits the equivalent value (cash value) less 10% p.a. interest to Petersens bank account for 60 days.
13.	Because the customer (see process 12) has asked for a deferral of payment, Petersen will invoice the interest deducted by his bank plus 30 (net) for expenses.
14.	Petersen takes goods from his warehouse for his private household. Petersen bought the goods for 3,000; on the day of removal, the replacement costs are 3,200. Petersen would charge its customers 4,200 (net) for this item.
15.	Petersen buys a storage space for his business from a private individual for 80,000. The notary issues an invoice for the certification of the purchase price in the amount of 456; the invoice includes 56 VAT, as not all services provided by the notary are subject to VAT. Both amounts are transferred by bank. Benefits and burdens have passed.

Tasks:

1st task:

For the above transactions, provide the explanations (in brief) and the calculations required for the posting. This includes, for example, statements on the accounting treatment of freight costs or discounts, the levying of sales tax or the withholding of input tax and their correction.

Simply presenting the necessary calculations does not fully fulfill the assignment.

Enter the posting records :

2nd task:

Then compile the postings in an account assignment sheet. Use the IKR chart of accounts from the enclosed folder or from the download area.

(Not the four-digit account numbers used here.)

3rd task:

Now assume that there is a closing date between the date of the down payment for the new machine (activity 4) and the delivery of the new machine (activity 9).

a) Where would the down payment be shown in the annual financial statements?

Note: The annual financial statements consist of the balance sheet and the income statement for individual companies; it is therefore not the SBK or the income statement account that is addressed here.

b) Explain the reason why the (then) undelivered machine and the associated liability may not yet be accounted for.