M/s Hariharan is dealer of old car and engaged in purchase and sale of old cars in Bihar, furnishes the details of following transactions for the month of August 2020 1. Purchased old car for ? 80,000/- and sold for 1,20,000/- in Bihar 2. Purchased old car for ? 75,000/- and sold for ? 65,000/- in Bihar 3. Purchased old car for ? 90,000/- but unable to sell during the month of August '20 4. Purchased old car for 1,00,000/- and sold for ? 1,30,000/- in Orissa Calculate the GST payable in above cases assuming tax rate is 28%
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- 1st January, 2019, Munawer Ahmad started business other transactions for the month of June as follows: Purchased from Aleem goods of Rs. 5,000 by cash. Sold goods to Muhammad Ali Rs. 700 and cash sales of Rs. 200. Distributed goods worth Rs. 300 as free samples and goods taken away by the proprietor for personal use Rs. 150. Goods returned by Muhammad Ali Rs. 150 and payment other outstanding amount. Furniture lost by fire of worth Rs. 400. Paid Salaries Expense Rs. 1,000. Requirement: Prepare the necessary journal entry for the month of January.On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the following transactions related to the business: July 1: Arabi transferred cash from his personal account and invested it for business use, $23000. July 10: Purchased a truck for $14400, paying $7400 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2570. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4510. July 20: Completed services on account and billed the customer, $7780 July 25: Received cash from customers on account, $2640. July 31: Paid salaries expense of $400 and utilities expense of $320. (a) Journalize the above transactions for the month of July (b) Prepare ledger accounts in running balance format (c) Prepare trial balance at 31 July 2020Ms Nihal Purchased headsets for her business on 1st October worth RO 1500. On 1st November, 2020 she purchased additional headsets of RO 2000. At the end of the accounting period, she found that there are supplies worth RO 2000. What are the supplies and Supply expense at the end of the accounting period?(31st December 2020) a. RO 1500 and RO 1000 b. RO 2000 and RO 1500 c. RO 1000 and RO 150 d. RO 1500 and RO 2000
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- On July 1, 2015, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2015, 19,000 miles in 2016, 20,000 miles in 2017, and 15,000 miles in 2018. Determine Rex's basis in the business portion of the auto as of January 1, 2019, under the following assumptions: If required, round answers to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2015: $fill in the blank 7c768af94f81f83_1 2016: $fill in the blank 7c768af94f81f83_2 2017: $fill in the blank 7c768af94f81f83_3 2018: $fill in the blank 7c768af94f81f83_4 Rex's adjusted basis in the auto on January 1, 2019, is $fill in the blank 7c768af94f81f83_5. b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery…On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and drives the car as follows: 7,000 miles in 2017, 17,500 miles in 2018, 19,600 miles in 2019, and 14,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: $fill in the blank 5d0ce403cfe2029_1 2018: $fill in the blank 5d0ce403cfe2029_2 2019: $fill in the blank 5d0ce403cfe2029_3 2020: $fill in the blank 5d0ce403cfe2029_4 Brent's adjusted basis in the auto on January 1, 2021, is $fill in the blank 5d0ce403cfe2029_5. b. Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is…On July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and drives the car as follows: 12,000 miles in 2016, 30,000 miles in 2017, 33,600 miles in 2018, and 24,000 miles in 2019. Determine Rex's basis in the business portion of the auto as of January 1, 2020, under the following assumptions: If required, round your computations to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2016: $ 2017: $ 2018: $ 2019: $ Rex's adjusted basis in the auto on January 1, 2020, is $ b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2016 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his…
- FarmCo sold a tractor for $40,000 that they initially purchased for $30,000 cash from John Deere. How is the $30,000 journalized? Select an answer: as a credit to Assetsas a liabilityas revenueas cost of goods soldIn july of this year, Stephen started a proprietorship called ECR ( which stand stand for electrict car repair) ECR uses the cash method accounting, and stephen has produced the following financial statements for this year. ECR collected $81,000 in cash for the repair completed during the year and additional of $3,200 in cash for repairs that will commence after the year end. Customer owe ECR $14,300 for repairs complete this year. Although Stephen is not sure which bill eventually be paid, he expect to collect all but about $1,900 of these revenue next year. ECR has made the following expenditures. . Interest expense $ 1,250 .shop rent ($1,500 per month) $ 27,000. Utilities $ 1,075 . Contract labor $8, 250 .Compensation $21,000 .Liability Insurance premium ($350 per month) $4,200 .Term life insurance premium ($150 per month) $1,800. The interest paid relates to accrued on a $54,00 loan made to stephen in July this year. Stephen used half of the loan to pay 18 months shop rent, and he…Marc Lusebrink, sole proprietor of Oak Company, bought a used automobile and drove it 13,120 miles for business during 2019 and a total (including business miles) of 16,000 miles. His total expenses for his automobile for the year are: Gasoline $2,061 Oil changes 92 Insurance 1,030 Tires 225 Repairs 620 Total $4,028 The automobile cost $20,000 on January 1, and depreciation expense for the year, including business use, was $4,000. His business parking and toll fees for business amount to $327. Calculate Marc's transportation expense deduction for the year under each method listed below. Round business use to the nearest whole percentage. If required, round your answers to the nearest dollar. Standard Mileage Method: $Actual Cost Method: $ Which method should Marc use?