At 31 October 2006 Zaid owed his suppliers $13,856. During the year to 31 October 2007, his payments to suppliers totalled $95,886, and at 31 October 2007 he owed $11,552. What is the value of Zaid's credit purchases for the year to 31 October 2007? $93,582 B s70,478 $121,294 $98,190
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- American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?On 1st November, 2012 Manoj owed Rs. 28,754 to his suppliers. During the year he paid his suppliers a total of Rs. 1,85,844. On 31st October, 2013 he owed Rs. 26,189. What was the vale of Manoj's credit purchases in the year to 31st October,2013On 1st November, 2012 Manoj owed $28,754 to his suppliers.During the year he paid his suppliers a total of $1,85,844. On 31stOctober, 2013 he owed $26,189. What was the value of Manoj'scredit purchases in the year to 31st October, 2013.
- Maz owed £1,910 to suppliers at the beginning of the year, £2,430 at the end of the year, and during the year he had paid £28,520 to suppliers. Calculate the credit purchases for the year. It is possible to calculate without drawing up a control account. Credit purchases for the year = Creditors at the end of year + Total paid to creditors – Creditors at the beginning of the yearIn January, Lily Bhd sold goods at a quoted price of RM10,000 with a credit term of 2/10, net 90. Show the journal entries and amount to be measured in the receivables account; i）When cash discount of 2% is to be applied. ii）At initial measurement iii）During the year, a customer of Lily Bhd was deemed uncollectable. Give examples of any five situations where a debtor can be declared as Uncollectable Receivables.On November 15, a merchant purchased merchandise that he settled with 35% in cash, a payment for $35,050, which corresponds to 40% on March 3 and another for the rest on April 22. Considering charges of 16.8% annually, determine: a) The value of the merchandise on the day of purchaseb) The amount paid on April 22c) Interest or charges for not paying in cash
- On 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the monthOn Jan. 01, 2021 Ricca Company’s accounts receivable balance is P75,000. On Jan. 13, the company sold items on credit worth P30,000 to Mr. Yuri. On Jan. 26, she has another sales worth P45,000 where 60% is on cash. On Jan. 27, he collected P12,500 from Mr. Yuri and another P5,000 the following day, Jan. 28. The related allowance for doubtful accounts has a balance of P6,000. Compute the carrying amount of accounts receivable of Ricca Company.On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise having cost P1,900. The entries to record the day's credit transactions include a
- John has opening balances on his trade receivables of £68,000 and an allowance forreceivables of £3,400. During the year John made cash sales of £146,000 and credit sales of£354,000. He collected cash from his credit customers of £340,000.At the end of the year John identified £2,000 of bad debts to write off. In addition, he estimatedthe need to increase the allowance for receivables to £4,000.A. Calculate the net trade receivables balance to present in the Statement of financial positionat the year end B. What is the total bad and doubtful expense to be charged to the Statement of Profit or lossfor the year?At January 1, the total of the purchases ledger accounts was $38,000, while at December 31 it was $43,000. During the year the firm paid out $83,000 to credit suppliers, while enjoying discounts of $8,800. How much was purchased on credit during the year ? Select one : A.$88,000 B.$96,000 C.$82,600 D.$97,000 Clear explanation of answer neededThe information below is extracted from the books of James Brown for the year ended 31st March, 2008. $ Sales 380,800 Purchases 326,000 Return outwards 14,000 Cash received from debtors 178,200 Bills payable accepted 122,000 Returns inward 17,600 Cash paid to creditors 186,000 Bills receivable received 136,000 Discount received 4,000 Bad debit written off 24,000 Reserve for discount to debtors. 2,000 Discount allowed 1,800 Transfers from purchases ledger 26,600 The total of the sales ledger balance on 1st April, 2009 was $90,600 and that of the purchases ledger balance on the same date was $78,600. Prepare sales ledger and purchases ledger adjustment accounts from the above information.