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Exercise 3. Inventory accounting methods. Periodic inventory method. Wool Ltd. beginning balances of balance sheet accounts on 01.10 are in EUR: Other fixed assets - 15 000 Accumulated depreciation of fixed assets - 5 000 Purchasers and commissioning party debts- 30 000 Inventories balances (on the 01.01.) open separately account for each kind of inventory Fabrics -11 000 Unfinished orders -1000 Ready-made clothes in shop - 2000 Clothes in storehouse - 3000 Cash on hand - 3000 Bank account- 5000 Equity capital - 20 000 Retained profits brought forward previous year- 2000 Accounts payable to suppliers and contractors - 25 000 Payable Value added tax- 18 000 You have to open T-accounts for all positions, record all business transactions in October. You have to prepare turnover of accounts. No 1.1) ? 1.2) 2) The content of business transactions Amount, Debit Credit EUR Purchased goods on post pay conditions, invoice 7260 amount with VAT 21% Goods value without VAT ? VAT 21% Purchased materials from no VAT payer (amount 7 500 without VAT) Revenues from sales main, with VAT 18150 ? Revenues in cash on hand (till cash) without VAT VAT 21% Purchaser paid debt in bank account 25 000 Payment to supplier for previous delivery 15 000 October Inventories results registered in accounts, X X X EUR fabrics - 2500 ? clothes in shop -7545 clothes in storehouse-2800 ? unfinished orders-0 You have to close operational accounts, calculate the result of the period, prepare transactions report ? 3) 4) 5) ? 5.1) 5.2) 5.3) 5.4) 6) "Wool" Ltd. Transactions report of October Account mumber Beginning balance Turnover (name) debit credit debit Ending Balance debit credit credit 1230 assets) (other fixed 15000 15000 Total Exercise 3. Inventory accounting methods. Periodic inventory method. Wool Ltd. beginning balances of balance sheet accounts on 01.10 are in EUR: Other fixed assets - 15 000 Accumulated depreciation of fixed assets - 5 000 Purchasers and commissioning party debts- 30 000 Inventories balances (on the 01.01.) open separately account for each kind of inventory Fabrics -11 000 Unfinished orders -1000 Ready-made clothes in shop - 2000 Clothes in storehouse - 3000 Cash on hand - 3000 Bank account- 5000 Equity capital - 20 000 Retained profits brought forward previous year- 2000 Accounts payable to suppliers and contractors - 25 000 Payable Value added tax- 18 000 You have to open T-accounts for all positions, record all business transactions in October. You have to prepare turnover of accounts. No 1.1) ? 1.2) 2) The content of business transactions Amount, Debit Credit EUR Purchased goods on post pay conditions, invoice 7260 amount with VAT 21% Goods value without VAT ? VAT 21% Purchased materials from no VAT payer (amount 7 500 without VAT) Revenues from sales main, with VAT 18150 ? Revenues in cash on hand (till cash) without VAT VAT 21% Purchaser paid debt in bank account 25 000 Payment to supplier for previous delivery 15 000 October Inventories results registered in accounts, X X X EUR fabrics - 2500 ? clothes in shop -7545 clothes in storehouse-2800 ? unfinished orders-0 You have to close operational accounts, calculate the result of the period, prepare transactions report ? 3) 4) 5) ? 5.1) 5.2) 5.3) 5.4) 6) "Wool" Ltd. Transactions report of October Account mumber Beginning balance Turnover (name) debit credit debit Ending Balance debit credit credit 1230 assets) (other fixed 15000 15000 Total
