Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(WARNING: Write the answer to this question legibly on paper and upload it to the system in PDF format. A Disciplinary Investigation will be opened

(WARNING: Write the answer to this question legibly on paper and upload it to the system in PDF format. A Disciplinary Investigation will be opened for answers that seem to be similar to each other. Therefore, do not get help from others. Please upload your answer to the system on time. Write your name and surname on the paper.)
Stock movements of good A in an enterprise are as follows:
- On 1 January, it was understood that there were 3,400 TL worth of goods transferred from previous importance.
- On March 4, the goods worth 4,720 TL including 18% VAT were purchased with 45-day debit debt.
- On March 6, payment of 250 TL + 18% VAT was made in cash for the transportation of the purchased goods.
- 900 TL of the goods purchased on March 8, excluding 18% VAT, was returned to the seller and the refund amount was deducted from the debt account.
- The seller made a discount of 100 TL, excluding VAT, because the remaining debt was paid 20 days before its due date.
- On May 15, some of the goods in stock were sold by taking checks for TL 8.260 including 18% VAT, VAT and the remaining part of cash remaining TL 1.500.
- In the census carried out at the warehouse on December 31, it was determined that there were goods A worth 1,500 TL.
Make the necessary calculations and journal entries for these transactions. Calculate the sales profit or loss.

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

Financial Accounting And Equity Markets

Authors: Philip Brown

1st Edition

1138617083, 978-1138617087

More Books

Students also viewed these Accounting questions

Question

Draft a proposal for a risk assessment exercise.

Answered: 1 week ago