What is the VAT amount that will be recorded in the applicable journal of Africa Traders?
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- 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?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…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…
- The Department of Foreign Affairs (DFA) collected P10,000,000 revenue from passport and visa applications for March 20X2. The said amount was then deposited in an authorized servicing bank. Moreover, in the same month, the DFA received a P5,000,000 cash disbursement ceiling (CDC) and paid its rental of P600,000.Required: Give the necessary entries to be made by DFA from the above scenario.In 2021, TUC Inc. guaranteed a bank loan of ATT Corp. ATT Corp has made all the required loan payments and the bank loan has a balance of 4,000,000 as of December 31, 2021. What provision should TUC Inc. recognize on December 31, 2021?The pre-closing trial balance of DENR-CAR shows the following balances of accounts: Subsidy from National Government P500, 000, Unutilized NCA for the month ending December 31, 2020, amounted to P200,000, Refund of excess cash advance P5,000. Salaries and Wages-Regular P150,000, PERA P50,000 Government Share: Retirement and Life Insurance Premiums P18,000, Pag-IBIG Premiums P2,500, PhilHealth premiums P4,500, Travelling expense - local P13,000, Electricity expense P12,000, Telephone Expense P10,000, Rent/Lease Expenses P25,000, Office supplies expense P20,000, Depreciation Expense-Machinery P15,000. How much is the Excess of Income Over Expenses for the year ended December 31, 2020? *
- Persever Company is a dealer in equipment. On December 21, 2021, the enitity sold an equipment in exchange for a noninterest bearing note requiring five annual payments of P500,000. The first payment was made on December 31, 2022. The market interest rate for similar notes was 8%. PV of 1 at 8% for 5 periods 0.68 PV of an ordinary annuity of 1 at 8% for periods 3.99 What amount of interests income should be reported for 2022?On May 1, 2021, the company ACG pignoro assigned 5,500,000 of their Account by Cabrar paid a pre-love granted by a financial institution of $ 400,000. The financial institution charged a charge of 2 of pledged accounts and an interest rate of 10% on the loan. How much electricity received by ACG on May 1?Aunt May, Inc. had the following receivable financing transactions for the fiscal year ended August 31, 2021:a) On June 30, 2021, Aunt May, Inc. had an outstanding accounts receivable balance amounting to P4,000,000. The receivables were pledged to Philippine Savings Bank (PS Bank) in consideration of a 12% loan. The loan amount is 80% of the outstanding receivables. PS Bank charged the company 5% on the outstanding accounts receivable as service charge.By the end of July, Aunt May collected P1,200,000 cash from the accounts receivable net of a P120,000 sales discount. Also, by the end of July, Aunt May accepted from customers merchandise originally invoiced at P80,000 as returns.By the end of August, Aunt May collected another P900,000 after a P50,000 sales discount. The company wrote-off P200,000 of the accounts receivable as worthless.It was agreed-upon with PS Bank that remittances from collections will be made to the bank on a monthly basis and that the collections from customer…
- On September 1, 2020, Pot Co. issued a note payable to National Bank in the amount of P1,800,000, bearing interest at12%, and payable in three equal annual principal payments of P600,000. On this date, the bank's prime rate was 11%. Thefirst payment for interest and principal was made on September 1, 2021. At December 31, 2021, Pot should record accruedinterest payable ofa. P72,000 c. P48,000b. P66,000 d. P44,000On June 30, 2021, BTS Company factored P2,500,000 of accounts receivable for P2,250,000.The allowance for uncollectible accounts for these factored receivables was P50,000. On December 1, 2021, BTS Company assigned accounts receivable of P3,500,000 as collateralof a P2,000,000, 12% annual interest rate loan from a commercial bank. BTS received the P2,000,000 less 2% finance charge based on the loan. How much is the total loss/expenses related to factoring and assignment of receivablesfor the year 2021? *Anama Company is a dealer of equipment. On January 1, 2021, the entity sold equipment in exchange for a noninterest-bearing note requiring 5 annual payments of P850,000. The first payment was made on December 31, 2021. The market rate for a similar note was 9%. The entity used 2 decimal places for the PV factor. How much is the carrying amount of the note receivable on December 31, 2021?