Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer everything clearly Additional Information related Robo Technology . On 30 November, Robo Technology purchased supplies on credit worth BHD230. The accountant recorded the

please answer everything clearly
image text in transcribed
image text in transcribed
image text in transcribed
Additional Information related Robo Technology . On 30 November, Robo Technology purchased supplies on credit worth BHD230. The accountant recorded the transaction as follows: Debit Credit Supplies BHD230 Trade Receivables BHD230 The prepaid insurance of BHD12,600 relates to an insurance premium paid on 30 November to cover 12 months, effective from 1 December 2021. On 1 December, Robo Technology purchased additional equipment on account to use in business operations with a purchase price of BHD4,800, transportation cost of BHD10, insurance while in transit costing BHD30 and discount of BHD250. . On 2 December, the owner of Robo Technology invested additional cash BHD80,000. On 3 December, the customer returned one Huawei Nova 71 128GB Midnight Black 4G Dual Sim Smartphone 1 December Receipt no 152. On 24 December, the owner of Robo Technology withdrew BHD1,200 from the business bank account On 24 December, Robo Technology invested in ordinary shares BHD36,000 with the intent of selling the investment in the very near future for a quick profit. On 31 December, Robo Technology signed a mortgage loan agreement to purchase a Land with Bank of Bahrain and Kuwait (BHD25,000 as a down payment and a 25-year mortgage for BHD60,000) Robo Technology has the policy to pay current month salaries on the second day of the next month. The total salaries for the month of November and December 2021 amounts to BHD45,250 per month On 31 December, Robo Technology returned Google Pixel Slate 12.3-inch 2 in 1 Tablet Intel Core i5, 8GB RAM, 128GB, Midnight Blue BHD690 (cost BHD657 and VAT 33) to Google. Robo Technology estimated the allowance for receivables at 2% of trade receivables. Robo Technology determines the amount of inventory at the end of each accounting period, following a physical inventory count. Analysis at the close of business in December shows that BHD1,000 of supplies are still on hand. Page 5 of 20 P SOLO TECHNOLOGY Robo technology Inventory Count Sheet as at 30 November 2021 Cost per unit Quantity Inventory ID INV001 60 45 INVOO2 60 40 Item description Huawei Nova 7i 128GB Midnight Black 4G Dual Sim Smartphone Huawei Nova 7i 128GB Sakura Pink 4G Dual Sim Smartphone Huawei Nova 7i 128GB Crush Green 4G Dual Sim Smartphone Huawei MatePad, 10.4 inch, WiFi,128 GB, Midnight Gray INV003 60 15 INV004 110 5 INVOO5 Microsoft Surface Pro 7 - Core i7 1.3GHz 16GB 256GB Shared Win10 12.3inch Black 320 5 5 INV006 Google Pixel Slate 12.3-Inch 2 in 1 Tablet Intel Core i5, 8GB RAM, 128GB, Midnight Blue 690 6 INVOO7 Huawei MateBook D 14, Core i5, 8GB, 512GB, 14-inch, Space Grey 250 4 Apple iPhone 12 Mini Leather Case - Black INV008 25 5 Apple iPhone 12 Mini Leather Case - Red INV009 25 7 Apple iPhone 12 Mini Leather Case - Blue INVO10 25 00 INV011 Apple iPhone 12 Mini Leather Case - Pink 25 6 Note: Robo Technology entered into agreement with M Line Mobile Accessories to hold and sell the "Apple iPhone 12 Mini leather cases" on their behalf. Sony Quotation Sony head office Minato City, Tokyo, Japan Tel. 1-800-345-7669 DATE Quotation # Customer ID 12-Dec-20 785 ABC123 Quotation For: Robo technology Sanad Bahrain Comments or Special Instructions: None QUANTITY AMOUNT 25 DESCRIPTION Xperia 10 Il Lite - Black Xperia 10 III Lite - Pink Xperia 10 II Lite - White UNIT PRICE BHD 200 BHD 200 BHD 200 Total (Including tax) BHD 5,000 BHD 3,000 BHD 5,000 BHD 13,000 If you have any questions concerning this quotation, contact our head office THANK YOU FOR YOUR BUSINESS! Page 7 of 20 Additional Information related Robo Technology . On 30 November, Robo Technology purchased supplies on credit worth BHD230. The accountant recorded the transaction as follows: Debit Credit Supplies BHD230 Trade Receivables BHD230 The prepaid insurance of BHD12,600 relates to an insurance premium paid on 30 November to cover 12 months, effective from 1 December 2021. On 1 December, Robo Technology purchased additional equipment on account to use in business operations with a purchase price of BHD4,800, transportation cost of BHD10, insurance while in transit costing BHD30 and discount of BHD250. . On 2 December, the owner of Robo Technology invested additional cash BHD80,000. On 3 December, the customer returned one Huawei Nova 71 128GB Midnight Black 4G Dual Sim Smartphone 1 December Receipt no 152. On 24 December, the owner of Robo Technology withdrew BHD1,200 from the business bank account On 24 December, Robo Technology invested in ordinary shares BHD36,000 with the intent of selling the investment in the very near future for a quick profit. On 31 December, Robo Technology signed a mortgage loan agreement to purchase a Land with Bank of Bahrain and Kuwait (BHD25,000 as a down payment and a 25-year mortgage for BHD60,000) Robo Technology has the policy to pay current month salaries on the second day of the next month. The total salaries for the month of November and December 2021 amounts to BHD45,250 per month On 31 December, Robo Technology returned Google Pixel Slate 12.3-inch 2 in 1 Tablet Intel Core i5, 8GB RAM, 128GB, Midnight Blue BHD690 (cost BHD657 and VAT 33) to Google. Robo Technology estimated the allowance for receivables at 2% of trade receivables. Robo Technology determines the amount of inventory at the end of each accounting period, following a physical inventory count. Analysis at the close of business in December shows that BHD1,000 of supplies are still on hand. Page 5 of 20 P SOLO TECHNOLOGY Robo technology Inventory Count Sheet as at 30 November 2021 Cost per unit Quantity Inventory ID INV001 60 45 INVOO2 60 40 Item description Huawei Nova 7i 128GB Midnight Black 4G Dual Sim Smartphone Huawei Nova 7i 128GB Sakura Pink 4G Dual Sim Smartphone Huawei Nova 7i 128GB Crush Green 4G Dual Sim Smartphone Huawei MatePad, 10.4 inch, WiFi,128 GB, Midnight Gray INV003 60 15 INV004 110 5 INVOO5 Microsoft Surface Pro 7 - Core i7 1.3GHz 16GB 256GB Shared Win10 12.3inch Black 320 5 5 INV006 Google Pixel Slate 12.3-Inch 2 in 1 Tablet Intel Core i5, 8GB RAM, 128GB, Midnight Blue 690 6 INVOO7 Huawei MateBook D 14, Core i5, 8GB, 512GB, 14-inch, Space Grey 250 4 Apple iPhone 12 Mini Leather Case - Black INV008 25 5 Apple iPhone 12 Mini Leather Case - Red INV009 25 7 Apple iPhone 12 Mini Leather Case - Blue INVO10 25 00 INV011 Apple iPhone 12 Mini Leather Case - Pink 25 6 Note: Robo Technology entered into agreement with M Line Mobile Accessories to hold and sell the "Apple iPhone 12 Mini leather cases" on their behalf. Sony Quotation Sony head office Minato City, Tokyo, Japan Tel. 1-800-345-7669 DATE Quotation # Customer ID 12-Dec-20 785 ABC123 Quotation For: Robo technology Sanad Bahrain Comments or Special Instructions: None QUANTITY AMOUNT 25 DESCRIPTION Xperia 10 Il Lite - Black Xperia 10 III Lite - Pink Xperia 10 II Lite - White UNIT PRICE BHD 200 BHD 200 BHD 200 Total (Including tax) BHD 5,000 BHD 3,000 BHD 5,000 BHD 13,000 If you have any questions concerning this quotation, contact our head office THANK YOU FOR YOUR BUSINESS! Page 7 of 20

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Pioneers Of Critical Accounting A Celebration Of The Life Of Tony Lowe

Authors: Jim Haslam, Prem Sikka

1st Edition

113754211X, 9781137542113

More Books

Students also viewed these Accounting questions

Question

What does the going concern assumption mean for a business?

Answered: 1 week ago

Question

Explain the employee benefits that are required by law.

Answered: 1 week ago

Question

List the types of incentive plans.

Answered: 1 week ago