MAKE THE NECESSARY JOURNAL ENTRIES FOR FOREIGN TRADE TRANSTACTIONS WITH USING SUBSIDIARY ACCOUNTS
1. Kafka C. Acquired ( purchase) 15000 USD dolar, from Change Office (Market) -Purchase parity (Rate) is 6,90 TL/USD. 2.At the end of the month Parity (rate) is 7,10 TL /USD. 3. Kafka Co. endorced 5.000 USD (Purchase rate : 6.75 TL/USD) customer check to X Bank to open "Demand Deposit Account. Rate in transaction date is 7,00 TL / USD. Check is collected by the bank and Deposit Account is opened. 4. At the end of the month, Note Payable (USD) balance is 14.000 USD (dolar) Begining rate was 7,50 TL USD Ending Rate is 7,30 TL USD. 5. There are 160 days to due date for Note Receivable Portofolio Account Balance is 65.000 USD At the end of the month Central Bank rate is 8,40 TL/USD. LIBOR RATE ( London Interbank Offered Rate) is 10 %. Make the necessarry Revaluation entry. Make the neccecessary calculations with formula and make the necessary entries) 6.COKHOSH EXPORT CO. made export contract on 12.10.2019 with UGU co.in Tanzania for 70.000 USD (parity 7,20 TL/USD). Actual export date is 18.11.2019 with a parity, 7,05 TL/USD. UGU Co.Transferred the total after 60 days of contract, with a parity of of 7,25 TL/USD to OKHOSH Bank Demand Deposit Account 7. a) BAL Co.exporting Chemical Goods, made a contract with KLS CO. in Holland. Contract total is 75.000 Euro on 10.10.2020 and collected 20.000 Euro advance with a parity 10.05 TL/Euro. Invoice date, 12.10.2020, parity is 10,15T1/Euro. Actual date of export is 19.10.2020 parity 10,30TL/Euro. b) BAL Co. Collected the balance from KLS CO. on 05.01.2021 with a parity 10,40TL/Euro. Transportation Expenses 4.800 TL+%10 VAT Insurance Expense is c) BAL Co. made the following expenses for exporting goods to KLS CO.: 5.600 TL +%10 VAT. Custom Consulting Expenses 15.000 TL +%10 VAT .Duty Paid 18.900 TL. All expenses paid cash. d) KLS CO returned (reclaimed) 8.000 Euro goods due to unqualified goods , Return date parity 10,15 TL/Euro. 1. Kafka C. Acquired ( purchase) 15000 USD dolar, from Change Office (Market) -Purchase parity (Rate) is 6,90 TL/USD. 2.At the end of the month Parity (rate) is 7,10 TL /USD. 3. Kafka Co. endorced 5.000 USD (Purchase rate : 6.75 TL/USD) customer check to X Bank to open "Demand Deposit Account. Rate in transaction date is 7,00 TL / USD. Check is collected by the bank and Deposit Account is opened. 4. At the end of the month, Note Payable (USD) balance is 14.000 USD (dolar) Begining rate was 7,50 TL USD Ending Rate is 7,30 TL USD. 5. There are 160 days to due date for Note Receivable Portofolio Account Balance is 65.000 USD At the end of the month Central Bank rate is 8,40 TL/USD. LIBOR RATE ( London Interbank Offered Rate) is 10 %. Make the necessarry Revaluation entry. Make the neccecessary calculations with formula and make the necessary entries) 6.COKHOSH EXPORT CO. made export contract on 12.10.2019 with UGU co.in Tanzania for 70.000 USD (parity 7,20 TL/USD). Actual export date is 18.11.2019 with a parity, 7,05 TL/USD. UGU Co.Transferred the total after 60 days of contract, with a parity of of 7,25 TL/USD to OKHOSH Bank Demand Deposit Account 7. a) BAL Co.exporting Chemical Goods, made a contract with KLS CO. in Holland. Contract total is 75.000 Euro on 10.10.2020 and collected 20.000 Euro advance with a parity 10.05 TL/Euro. Invoice date, 12.10.2020, parity is 10,15T1/Euro. Actual date of export is 19.10.2020 parity 10,30TL/Euro. b) BAL Co. Collected the balance from KLS CO. on 05.01.2021 with a parity 10,40TL/Euro. Transportation Expenses 4.800 TL+%10 VAT Insurance Expense is c) BAL Co. made the following expenses for exporting goods to KLS CO.: 5.600 TL +%10 VAT. Custom Consulting Expenses 15.000 TL +%10 VAT .Duty Paid 18.900 TL. All expenses paid cash. d) KLS CO returned (reclaimed) 8.000 Euro goods due to unqualified goods , Return date parity 10,15 TL/Euro
