On 17 January 2021, SA Traders, a debtor of Africa Traders, did a direct deposit payment of R11 0 Traders' bank account to settle its account. 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 Select one: O a. Debit the Bank account with R11 000, and credit the Trade receivables control account with O b. Debit the Bank account with R11 000, and credit the Sales account with R11 000. O . Debit the Sales account with R11 000, and credit the Bank account with R11 000.

On 17 January 2021, SA Traders, a debtor of Africa Traders, did a direct deposit payment of R11 0 Traders' bank account to settle its account. 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 Select one: O a. Debit the Bank account with R11 000, and credit the Trade receivables control account with O b. Debit the Bank account with R11 000, and credit the Sales account with R11 000. O . Debit the Sales account with R11 000, and credit the Bank account with R11 000.

International Financial Management

14th Edition

ISBN:9780357130698

Author:Madura

Publisher:Madura

Chapter19: Financing International Trade

Section: Chapter Questions

Problem 1BIC

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On 18 January 2021, SA Traders, a debtor of Africa Traders, did an electronic funds payment of R20 000 to Africa Traders to settle its account. 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. Debit the Bank account with R20 000, and credit the Sales account with R20 000. b. Debit the Sales account with R20 000, and credit the Bank account with R20 000. c. Debit the Bank account with R20 000, and credit the Trade receivables control account with R20 000. d. Debit the Trade receivables control account with R20 000, and credit the Bank account with R20 000.
On 13 November 2020, Africa Traders received an electronic funds transfer payment of R7 000 from SA Investors, for commission income. 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?
In the draft accounts for the year ended 31st August, 2020 of Azay Ltd, the balance at the bank according to the cash book was a credit balance of GH¢894,680. Subsequently, the following discoveries were made: a. Bank commission charged of GH¢169,560 and bank interest charged of GH¢109,100 have been entered in the bank statement on 23 August, 2020 but not included in the cash book b. Cheque for GH¢17,500 has been recorded twice as a credit in the cash book. c. Traders’ credits totalling GH¢210,000 have been credited in the bank statement on 26 August, 2020but not yet recorded in the cash book. d. A cheque payment of GH¢145,000 has been recorded in the cash book as a receipt. e. Cheque dated 3 July, 2020 for GH¢310,840 in favour of Akos Ltd has been correctly recorded in the bank statement, but included in the cash book payments as GH¢310,840. f. Cheques paid according to the cash book during August 2020 and totaling GH¢400,500 were not…
The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R17 732.50 The provisional total the bank column in the Cash payments journal was R23 233.58 A direct deposit to the amount of R3 500.00 made by a client was entered in the correct cash journal as R5 300.00 Debit order in favour of Tshwane Municipality to the amount of R3 780.25 in payment of the water and electricity account SA Traders returned unfit merchandise with a selling price of R1 650.36. SA Traders purchased the merchandise on credit Services delivered for cash to SA Dealers - R1 874.55 Bank charges per the bank statement, R215.35 Interest on a favourable bank balance amounted to R365.40 What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop…
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…
The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R9 500. The provisional total the bank column in the Cash payments journal was R7 750. The bank balance in the general ledger amounted to R6 500 (favourable) on 1 February 2021. A capital contribution of R1 000 was deposited directly into the bank account of Africa Traders. Made an electronic funds transfer to the amount of R1 427 to settle the monthly telephone bill. Bank charges for the month were R180. SA Dealers deposited R550 directly into Africa Traders bank account. Debit order in favour of SA Computers of R350 for monthly computer services. Interest of R250 received on bank favourable. What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to…
DMCI Holdings, Inc. shows the following account balance in their financial records as ofDecember 31, 2019:Checking account at Manila bank, (P40, 000); Checking account at land Bank, P1, 000, 000;Payroll account National Bank, P200, 000; Foreign bank account-restricted, P1, 500, 000;Postage stamps, P44, 660; Employees post-dated checks, P60, 000; I.O.U. from president’sbrother, P150, 000; traveler’s check, P100, 000; DAUD checks, P36, 000; Petty cash fund (P32,000 in currency & expenses receipts for P168, 000), P200, 000; and Cashier’s checks, P72,000. The correct cash balance to be reported in the balance sheet of DMCI on December31,2019 is ________.a.P1, 572, 000 b. P1, 682, 000 c. P1, 440, 000 d. P1,404,000
On December 1, 2020, RB Company assigned on a non notification basis accounts receivable of Php.6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for a bank loan. On December 31, 2020, the entity collected assigned accounts of Php.2,000,000 less discount of Php.200,000. The entity remittted the collections to the bank in partial payment for the loan. The bank applied first the collection to the to the interests and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,00 on the assigned accounts and wrote off assigned accounts totaling Php.300,000. What is the balance of the accounts receivable assigned on December 31, 2020?
On December 1, 2020, RB Company assigned on a non notification basis accounts receivable of Php.6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for a bank loan. On December 31, 2020, the entity collected assigned accounts of Php.2,000,000 less discount of Php.200,000. The entity remittted the collections to the bank in partial payment for the loan. The bank applied first the collection to the to the interests and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,00 on the assigned accounts and wrote off assigned accounts totaling Php.300,000. What is the equity of the assignor in assigned accounts on December 31, 2020?
On December 1, 2020, RB Company assigned on a non notification basis accounts receivable of Php.6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for a bank loan. On December 31, 2020, the entity collected assigned accounts of Php.2,000,000 less discount of Php.200,000. The entity remittted the collections to the bank in partial payment for the loan. The bank applied first the collection to the to the interests and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,00 on the assigned accounts and wrote off assigned accounts totaling Php.300,000. What is the carrying amount of the note payable on December 31, 2020?
On 31st August 2021, Rossy Enterprise had a RM155,000 debit balance in Accounts Receivable and a RM6,200 credit balance in Allowance for Doubtful debt. During September 2021, Rossy made the following transactions:Sept 1 : Sales on account, RM590,000.Sept 10: Collection from receivables through online banking, RM627,000.Sept 20: Write-offs of uncollectible receivables, RM7,000.Sept 30: Bad debt was estimated at 3% of the month’s credit sales.Required:1) Journalize all September transactions using the allowance method. Post the entries to Accounts Receivable, Allowance for Doubtful Debt, and Bad Debt Expense. You need to balance off the ledgers and show their balances on 30th September 2021.2) Show the amount of net accounts receivable would Rossy report in its statement of financial position as at 30 September 2021. Is the amount being realistic? Give your reason.
On December 1, 2020, RB Company issued accounts receivable of Php6,000,000 to a bank in exchange for a loan of 80% of the accounts minus a 5% service charge on the accounts assigned. The entity signed a bank loan note. On December 31, 2020, the company collected Php2,000,000 in assigned accounts minus a discount of Php200,000. The collections were submitted to the bank as partial payment for the loan. The bank applied the collection first to the interest and then to the principal. On the loan balance, the agreed-upon interest rate is 1% each month. On the allotted accounts, the organisation took sales refunds of Php 100,000 and wrote down assigned accounts totaling Php300,000.