6) Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).
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6) Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).
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- Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000
- Argon Traders is a business located in Centurion.Argon Traders is a registered VAT vendor and trades only with registered VATvendors that can provide tax invoices. The business charges 15% VAT on all its sales.All amounts are inclusive of VAT, unless VAT is not applicable.Argon Traders sells good for cash and on credit.Transaction 1: On the 1st of March 2022 Argon Traders sold goods for R15 000excluding VAT) on credit to Mr Neon.Goods are marked up 20% on cost Record transaction 1 in the applicable general ledger accounts using the perpetualinventory system.On October 1, 2024, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. On November 1, 2024, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. On August 1, 2024, collected $18,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $18,000 represents one year’s rent and the entire amount was credited to deferred rent revenue at the time cash was received. Depreciation on office equipment is $6,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $10,000. The company records vacation pay as salaries expense. Microchip began the year with $4,000 in its asset account, supplies. During the year, $8,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,250 remain on hand. Required:…The accountant for Eastern Appliances manages the “no money down” arrangements offered to its customers. A customer purchased a refrigerator normally priced at $1,284.53 with all taxes included. Using a required rate of return of 9% compounded quarterly, the accountant determined that, after a deferral period, the customer should make 12 monthly payments of $119.16, with the first payment due on November 1, 2020. On what date was the refrigerator purchased?
- 21- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TLOn March 20, the Agricultural Bank deducted engineer Valdez a rate of 18% annual simple in a document that expires on the following November 15, said document was signed on January 22 to guarantee a credit of 40,000. On June 12, the bank transfers the document to Banco Mercantil with a simple 16% annual discount. How much was the profit for the Agricultural Bank?A bank loan of $800,000 was obtained byPWP Ltd on 1 August 2020 to purchase itsbusiness office, warehouse and factory andan upfront establishment fee of $8,000 waspaid on that date. The period of the loan waseight years and the bank charged interest atthe rate of 10 percent. 1.Explain what deductions are available to PWP for2020/21 in relation to the establishment fee andinterest paid on the bank loan. 2.What deductions would be available if PWP repaidthe $500,000 loan in full-on 30 June 2022?
- TJ made a loan of $16,000 to one of the company's employees on April 1, year 1. The one year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1? A. $720 B. $0 C. $240 D. $960Stanmer Ltd has produced accounts for the year ended 31 May 2021. Profit before tax has been calculated at £1,750,000. Included in this calculation are; Interest paid on overdraft £27,900 Depreciation £113,500 Client entertaining (note 1) £34,750 Legal and professional fees (note 2) £34,000 Miscellaneous (note 3) £97,650 Notes; Made up of entertaining and 10 x Christmas food and drink hampers Legal and professional fees includes charges for chasing customer debt (£17,500) and for the purchase of a new freehold property (£3,500) Includes a £500 qualifying charitable donation to a national charity Revenue includes £10,000 of sales (£10 per unit) from a wholly owned subsidiary operating in a tax regime with lower corporate tax rates than the UK. HMRC considers that a more appropriate selling price would be £15 and will seek to make an adjustment to total taxable profit. The tax written down value in the general pool brought forward at 1 June 2020 was £365,000. The tax written down value…16. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? a. P1,920,000 b. P2,240,000 c. P2,500,000 d. P1,980,000