20.10 Bénji does not keep proper accounting records, and it is necessary to calculate her total purchases for the year ended 31 January 20X3 from the following information: 24 130,400 171,250 888,400 1,000 2,400 11,200 Trade payables: 31 January 20X2 31 January 20X3 Payment to suppliers Cost of goods taken from inventory by Senji for her personal use Refunds received from suppliers Discounts received What should be the figure for purchases, in Senji's financial statements for the year ended 31 January 20X3?

20.10 Bénji does not keep proper accounting records, and it is necessary to calculate her total purchases for the year ended 31 January 20X3 from the following information: 24 130,400 171,250 888,400 1,000 2,400 11,200 Trade payables: 31 January 20X2 31 January 20X3 Payment to suppliers Cost of goods taken from inventory by Senji for her personal use Refunds received from suppliers Discounts received What should be the figure for purchases, in Senji's financial statements for the year ended 31 January 20X3?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section24.1: Recording International Sales

Problem 1OYO

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Senji does not keep proper accounting records, and it is necessary to calculate her total purchases for the year ended 31 January 20X3 from the following information: $ Trade payables: 31 January 20X2 130,400 31 January 20X3 171,250 Payment to suppliers 888,400 Cost of goods taken from inventory by Senji for her personal use 1,000 Refunds received from suppliers 2,400 Discounts received 11,200 What is the figure for purchases that should be included in Senji’s financial statements?
31-Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR 40 each on 1st December 2020 under the credit terms of 5/20, n/60. On 3rd December 2020 the business discovers that 100 numbers of HP three in one Printer are HP two in one. Therefore, the business returned the goods to supplier. On 5th December 2020, the business settles full cash. Which of the following journal entry is correct on 1st December 2020 assumes that the business uses periodic inventory system? a. Debit Accounts payable OMR 20,000 Credit Merchandise Inventory OMR 20,000 b. Debit Purchase OMR 20,000 Credit Accounts payable OMR 20,000 c. Debit Accounts payable OMR 16,000 Credit Cash OMR 15,200 Credit Discount OMR 800 d. Debit Accounts payable OMR 4000 Credit Purchase returns and allowances OMR 4000
34-Ms. Sumaya is an Accountant in a Wholesale merchandise business. The business uses periodic inventory system. The Business purchase merchandise on Credit from Nizwa Industries for OMR 25,000. But it has been posted to Credit side of Nizwa Industries as OMR 52,000 but purchase account was posted correctly by the accountant. Which of the following rectification entry is Correct? a. Debit Purchase OMR 27,000 Credit Nizwa Industries OMR 27,000 b. Credit Nizwa Industries with OMR 27000 c. Debit Nizwa Industries OMR 27,000 Credit Purchase OMR 27,000 d. Debit Nizwa Industries with OMR 27000
H1. The following transactions relate to merchandise purchases and sales for the month of November 2020. You are required to show the double entry records for each of the transactions. On December 1st, we bought merchandise on credit from Solo Suppliers for $ 480,000. We paid freight charges of $ 10,000 on this On December 2nd, merchandise bought from Solo Suppliers for $ 4,500 was found defective while other merchandise bought for $ 12,000 was returned to Solo Suppliers. Solo suppliers have already told us not to pay for the defective merchandise. On December 3rd, we sold merchandise for $ 590,000 cash. We paid $ 12,000 for delivery of the merchandise to the customers. On December 4th, we sold merchandise on credit for $ 300,000. On December 5th, we received merchandise from our credit customers which had been sold for $ 13,000. On December 5th, we paid Solo Suppliers their account receiving a 10% discount. On December 6th, we received a cash payment from our credit customers allowing…
14/On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods sold. Assume that the customer took 3% discount and record the journal entry for the cash payment of the allowance in the books of seller under periodic inventory system? a. Account receivable RO 2,600 Dr / Sales discount RO 72 Cr / Cash RO 2,522 Cr b. Sales returns and allowances RO 2,600 Dr /Sales discount RO 78 Cr / Cash 2,522 Cr c. Cash RO 2,600 Dr / Sales returns and allowances RO 2,600 Cr d. Sales returns and allowances RO 2,600 Dr / Cash RO 2,600 Cr
22-Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100 study table at a cost of OMR 70 each under the terms of 3/EOM n/60 on 1st March 2019. The business receives goods returned by customer for 40 study table due to wrong delivery of office table. Customer request for a full refund on 12th March 2019. Which of the following statement is True in the books of of Golden furniture on 12th March 2019? a. The business should raise a debit note for the return of goods OMR 2,800 b. The business should raise a credit note for the return of goods OMR 2,800 c. The business may deduct 3% discount if the invoice is paid before 12th March 2019 d. The business should raise a sales invoice OMR 2,800
James Dean trades in clothing for the middle market. James Dean Clothing use the Periodic Inventory Method to keep records of trade goods. The following is an extract of balances from the general ledger for the year ended 28 February 2021 Extract of balances as at 28 February 2021 Revenue from sale of trade goods 735100 Rent income received from tenant 66 000 Inventory: Trade goods - balance at I March 2020 : Consumables on hand at 1 March 2020 150500 7600 Purchases 353000 Settlement discounts received 18400 Settlement discounts granted 15800 Railage inwards 36 200 Railage outwards 39100 Goods returned to suppliers 21 400 Goods returned by customers 34600 Additional information: I . Physical stock-take at 28 February 2021 determined the following: Trade goods RI 66 800 Consumables on hand R 7 940 Goods to the value R7 600 were donated to the local community organisation. An invoice for R4 500 was…
17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Perpetual inventory system? a. Account payable RO 86,000 Dr / Cash RO 86,000 Cr b. Cash RO 84,280 Dr / Merchandise inventory RO 1,720 Dr /Account payable RO 86,000 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Merchandise inventory RO 1,720 Cr / Cash RO 84,280 Cr Clear my choice
9/ On April 208, Jack traders purchased RO 25,500 of merchandise and paid cash .What is the journal entry to record this in the books of buyer under the perpetual inventory system? a. Cash RO 25,500 Dr / Merchandise inventory RO 25,500 Cr b. Account payable RO 25,500 Dr / Merchandise inventory RO 25,500 Cr c. Account payable RO 25,500 Dr / Cash 25,500 Cr d. Merchandise inventory RO 25,500 Dr / Cash RO 25,500 Cr
5.2 Mary has a general dealer business and uses the periodic inventory system to keep records of buying and selling goods. The following information was extracted from the accounting records for financial year ended 30 June 2020.List of selected accounts at 30 June 2021 RTrading inventory : 1 July 2020 225 000Purchases 916 400Sales 1 668 800Purchases returns 17 300Sales returns 20 700Settlement discounts received 32 600Settlement discounts granted 17 900Transport inwards (from suppliers) 45 200Transport outwards (to customers) 23 100Additional information:1. Trading inventory at 30 June 2021 was taken and valued at R203 400.2. Neil took inventory worth R18 100 for his personal use. This has not been recorded in the above accounting records.3. Insurance on goods transported from suppliers for R7 400 is also not yet included in the above information.Required:Prepare only the trading section of the Statement of profit or loss and othercomprehensive income for Mary’s General Dealers for…
27) On 7th April,2019, Apple mart sold RO 84,000 with credit terms of 3/10, n30 and the Original cost amounted to RO 69,000. What is the journal entry to record the Cost of goods sold in the books of seller under Perpetual inventory system? a. Cost of goods sold RO 84,000 Dr / Merchandise inventory RO 84,000 Cr b. Cost of goods sold RO 69,000 Dr / Merchandise inventory RO 69,000 Cr c. Account receivable RO 84,000 Dr / Sales revenue RO 84,000 Cr d. Account receivable RO 69,000 Dr / Sales revenue RO 69,000 Cr
On June 16, 2021, Emily Corporation sold merchandise to Franz Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Franz Company received the goods and Emily Corporation's invoice on June 17. On June 24, Franz Company sent the payment to Emily Corporation, which Emily Corporation received on June 25. Both Emily Corporation and Franz Company use the periodic inventory system. (Disregard effects of VAT. Use the account titles "Freight In" and "Freight Out" for transportation costs.)A. Shipping terms are FOB Shipping Point, freight collect. Franz Company paid the shipping costs on June 17 and remitted payment on June 24. Question 1. 1. Prepare the journal entry for Emily Corporation to record the sale.