What is the VAT amount that will be recorded in the applicable journal of Africa Traders?
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- Africa Traders is a registered VAT vendor and the current VAT rate is 15%. No. 0001 Date: 5 January 2021 Received from: Mr S Zulu R c Amount: Rand Ten thousand rand only Cent: None 10 000 00 For: Settlement of account (electronic funds transfer) Africa Traders Signature: S Africa Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source document? Select one: a. Debit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65, and credit the Bank account with R10 000. b. Debit the Bank account with R10 000, and credit the trade receivables control account with R10 000. c. Debit the Bank account with R10 000, and credit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65. d. Debit the trade receivables…Africa Traders is a registered VAT vendor and the current VAT rate is 15%. No. 0001 Received from: Amount: Rand Cent: For: Signature: Mr A Africa Hundred and forty thousand rand only None Capital contribution by the owner S Africa Date: 2 January 2021 (electronic funds transfer) R 140 000 00 Africa Traders Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source document? Select one: O a. Debit the Bank account with R140 000, and credit the VAT output account with R18 260,87 and the Capital account with R121 739,13. O b. Debit the Capital account with R140 000, and credit the Bank account with R140 000. O c. Debit the VAT output account with R18 260,87 and the Capital account with R121 739,13, and credit the Bank account with R140 000. O d. Debit the Bank account with R140 000, and credit the Capital account with R140 000.On 20 December 2021, Africa Traders did an electronic funds transfer payment of R300 000 for the monthly salaries. Africa Traders is not a registered VAT vendor. Which account will be debited, and which account will be credited in the general ledger of Africa Traders? Select one: a. Dr Salaries Cr 2021 R 2021 R Dec Dec 20 Bank 300 000 Dr Bank Cr 2021 2021 R Dec 20 Salaries 300 000 Dec b. Dr Salaries Cr 2021 R 2021 R Dec 20 Bank 300 000 Dec Dr Bank Cr 2021 2021 R Dec Dec 20 Salaries 300 000 c. Dr Salaries Cr 2021 R 2021 R Dec Dec 20 Trade payables 300 000 Dr Trade payables Cr 2021…
- On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,900 on December 31, 2022. The proceeds of the note were $116,400. Required: a. Calculate the discount rate used by the lender.An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.6. A cheque for RO 2,000 is presented in the clearing on the 20-01-2020 for payment when the balance in the account is RO 550. The customer has a fixed deposit account with a bank for a sum of RO 1500.
- Suppose a business receives a 907000 long term bank loan on December 31 2019 the borrowing arrangement requires the business to pay 226 750 by September 2020 show how the business will report both current and long term liabilities on its December 31 2019 balance sheet .On January 1, 2021, a borrower was granted a loan by Qatar Bank. The loan interest is payable annually starting December 31, 2021 at an interest rate of 10%. The loan matures in five years on December 31, 2025. The principal amount of the loan is P4,000,000. The borrower was charged with origination fees in the amount of 350,000. The bank incurred P61,500 origination cost. What is the carrying amount of the loan receivable on December 31, 2021? a. 4,243,120 b. 4,000,000 c. 3,756,880 d.3,600,000On 1 December 2019 Airline de Afrique sold ten return airline tickets for R12 500 each to passengers travelling to London in April 2020. The passengers transferred payment for the air tickets into Airline de Afrique’s bank account on 5 December 2019. The financial year end of Airline de Afrique is 31 December 2019. Required: Advise Airline de Afrique how the sale of the airline tickets should be classified and measured in the financial statements for the year ended 31 December 2019. Your answer should refer to the elements of financial statements as identified in the Conceptual Framework.
- An investor invests the following amounts of money in banks account R18850 on 1 September 2019,R15575on 31 May 2021 and R19465 ON 1 FEBRUARY 2023.From 1 October 2021 up to 30 April 2023 an amount of R980 invested at the start of every month. From 1 July 2020 up to 31 March 2022 an amount of RX is invested at the end of each quarter. On 1 January 2019 the total present value of all the investments is R75998,34.If the interest rate is 8,75% per year, Calculate the value of X?Upon checking, the book of Meraki on December 31, 2020 is composed of the following:· Cash on Hand- P50,000· Demand Deposit- P200,000· Time Deposit, 30 days- P100,000· DAIF Check of customer- P4,000· Money market placement (due June 30, 2021)- P150000· Savings Deposit in a closed bank- P10000· IOU from employee- P2000· Pension Fund- P300000· Petty Cash Fund- P1000· Customer’s Check dated January 1, 2022- P5000· Customer’s Check outstanding for 18 months- P4000· Unused credit line- P50000 Additional information: a. P20,000 check was recorded as payment in December 31, 2020 but is mailed on January 5, 2021 to the suppliers. b. On December 31, 2020 a check dated January 15, 2021 of P10,000 in payment of accounts payable was recorded and mailed. c. While the Cash Receipt Journal is open until January 15, 2021, an amount of P40,000 was collected and recorded on December 31, 2020. d. The company uses the calendar year.…Latvia Limited made a loan to Lithuania Incorporated in exchange for a $250,000 note on July 1, 2021.This note is for a period of seven years, with interest at 4% quarterly. Assume the market rate forcomparable loans is 8%. Prepare the journal entry in good form for Latvia Limited’s books
