25 - On 12.12.20XX, the entity purchased goods worth $ 50,000 from entity B on credit. Exchange rate on the day of the transaction $ 1 = 2.5 TL (VAT is not taken into account) A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 50000 300 BANK CREDITS 50000
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25 - On 12.12.20XX, the entity purchased goods worth $ 50,000 from entity B on credit. Exchange rate on the day of the transaction $ 1 = 2.5 TL (VAT is not taken into account)
A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT
153 COMMERCIAL GOODS 50000
300 BANK CREDITS 50000
B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT
153 COMMERCIAL GOODS 125000
300 BANK CREDITS 125000
C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT
153 COMMERCIAL GOODS 50000
320 SELLERS 50000
D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT
153 COMMERCIAL GOODS 125000
321 BORROWINGS 125000
E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT
153 COMMERCIAL GOODS 125000
320 SELLERS 125000
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- 7 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 100 01 TL CASE XXX 100 02 DOLLAR CASE XXX 646 01 EXCHANGE PROFIT XX Which transaction belongs to the accounting record made?A) Year-end appraisal has been made to the FC in the vault.B) The bank received foreign currency from DTH.C) Foreign currency was bought with a positive exchange rate difference.D) Foreign currency has been sold due to negative exchange rate difference.E) Foreign currency has been sold with a positive exchange rate difference.12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the export14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL
- On September 30, 2020, Peace Frog International (PFI) (a U.S.-based company) negotiated a two- year, 1,600,000 Chinese yuan loan from a Chinese bank at an interest rate of 4 percent per year. The company makes interest payments annually on September 30 and will repay the principal on September 30, 2022. PFI prepares U.S. dollar financial statements and has a December 31 year- end. Relevant exchange rates are as follows: U.S. Dollar per Chinese Yuan ( CNY) $0.160 Date September 30, 2020 December 31, 2020 September 30, 2021 December 31, 2021 September 30, 2022 0.165 0.180 0.185 0.210 a. Prepare all journal entries related to this foreign currency borrowing. b. Taking the exchange rate effect on the cost of borrowing into consideration, determine the effective interest rate in U.S. dollars on the loan in each of the three years 2020, 2021, and 2022.18. Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold account to a customer for P15,000. The seller paid transportation costs ot P1,000 and issued a credit memorandum for P5,000 prior to payment. What i the amount of the cash discount allowable? a. P160 b. P150 c. P140 d. P1004. MAKE THE NECCESSARY JOURNAL ENTRIES FOR FOREIGN CURRENCY TRANSACTIONS 1. X Company purchased 15.000 USD cash, for purchasing merchandise. Parity (rate) is 7,50 TL/ USD. Check is issued for currency purchase. 2. Merchandise is purchased for 8000 USD + %10 VAT. Cash (USD) paid for merchandise. Parity at Trasaction date is 7,30 /USD. VAT is on account. 3. Merchandise sold to Domestic Customer, for 30.000 USD + %10 VAT .Freight out is 5.400 TL + % 10 VAT.Customer issued a check ( USD). For purchase and note received for VAT. 4.Company opened 40.000 USD " Demand Deposit Account" in X Bank.Parity is 7,60 TL/ USD. 5.Vendor's open account is closed by transferring 12.000 USD from X Bank "Demand Deposit Account" .parity is 7,90 TL/USD.
- block c/2019/4 On 31.12.t1, Frieda OHG has trade receivables with a book value of € 35,700, which also includes receivables from Alma AG in the amount of € 11,900 and from Belma AG in the amount of € 5,950 . On 31.12. t0, Frieda OHG had accounted for supposedly secure receivables in the amount of € 23,800 gross. Create the posting records for the following business transactions in year t1: Frieda OHG considers it likely that only 30% of the claim against Alma AG will be received. Insolvency proceedings are opened against Belma AG and an entry rate of 80% is set by the insolvency administrator with regard to the claim of Frieda OHG. It is known from the past that approximately 2% of receivables that are not individually impaired are not paid. Alma AG transfers € 5,950 to Frieda OHGOn September 30, 2020, Peace Frog International (PFI) (a U.S.-based company) negotiated a two- year, 1,600,000 Chinese yuan loan from a Chinese bank at an interest rate of 4 percent per year. The company makes interest payments annually on September 30 and will repay the principal on September 30, 2022. PFI prepares U.S. dollar financial statements and has a December 31 year- end. Relevant exchange rates are as follows: U.S. Dollar per Chinese Yuan ( CNY) $0.160 Date September 30, 2020 December 31, 2020 September 30, 2021 December 31, 2021 September 30, 2022 0.165 0.180 0.185 0.210 a. Prepare all journal entries related to this foreign currency borrowing. b. Taking the exchange rate effect on the cost of borrowing into consideration, determine the effective interest rate in U.S. dollars on the loan in each of the three years 2020, 2021, and 2022.17 - THE CODE AND NAME OF THE ACCOUNT WILL BE DEBT 153 COMMERCIAL GOODS XXX 191 DEDUCTIBLE VAT XXX 103 CHECKS GIVEN XXX 100 CASE XXX Which account was used incorrectly in the purchase of goods?A) 191 Deductible VATB) 103 Checks Given and Payment OrdersC) 100 CratesD) All RightE) 153 Trade Goods
- Please answer the following question in accordance with this explanation. • Transaction • Incoterm • Amount • Latest Shipment • Expiry • Payment • Partial shipment :L/C : CFR Istanbul : Appr. USD100.000.- (+/-10% acceptable) : 18.06.2020 : 20.06.2020 at the counters of the beneficiary's bank :2 days after receipt of appropriate documents. : Allowed Which one of the following will verify the documents and decide on their payability? Select one: A. Reimbursing Bank OB. The seller C. The seller's bank O D. The buyer's bank E. The buyerChapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.Date Particulars Jan 1, 2020 Abdul commenced his business with Cash = OMR 35000 2 He deposited into bank current account = OMR. 20000 He sold goods to Hakkim on credit = OMR 1000 He paid Said by Cheque = OMR 1980 and receive discount = OMR 20 for 4 5 the goods purchased on credit He receive cheque from Hakkim 6 OMR 970 and allow him discount OMR 30 7 He makes sales for cash = OMR. 2800 Hakkim cheque deposited in to the bank = OMR 970 11 He purchased a motor car by cheque = OMR 7500 12 He purchased goods by cash = OMR. 2500 13 He withdraws from bank for office use = OMR. 750 Commission received = OMR 100 |Purchased furniture by Cheque for OMR 450 16 18 20 Withdraw from bank for personal use OMR 600 27 Sold goods to Mr. Haji for OMR 400 28 Received cheque from Mr Haji for OMR 375 in full settlement and deposited in to bank 30 Motor car repair expenses OMR 120 Required: Prepare triple column cash book with Discount, Cash and Bank Column