The following information relates to Stimulus Traders: Balance at 31 December 2012 Trading inventories on 01 January 2012 Trading inventories on 31 December 2012 Inventory of stationary on 31 December 2012 Sales Purchase Sales Returns Purchases Returns Freight on purchases Freight on sales Import duty R 15 000 12 000 1 500 166 000 90 000 3 000 5 500 3 000 10 000 1 000 Additional information: The owner took goods worth R2 500 for personal use. This transaction had not been recorded.
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- A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods soldBelow are the transactions for June 2009 at Superior traders. Superior traders are a registered VAT vendor and all amounts are inclusive of VAT. Use the information below to complete the Creditors Journal and Creditors Allowance Journal of Superior Traders for June 2009. Transactions for June 2009: 11 Purchased stock on credit from BOB wholesales for R798 14 Received credit invoice from DIOR trading Store for: · Inventory – R700 · Packing material – R200 · Stationery – R100 25 Returned damaged goods to be value of R92.34 to DIOR Traders. The items returned are: · Packing materials – R28.50 · Trading stock – R45.60 · Stationery – R18.24 26 Received a credit note from BOB Wholesalers for inventory returned, R47. 30 Bought office equipment (R912) and inventory (R4560) on credit from Office Suppliers Ltd.VICO's accounts payable balance at December 31, 2020 was P1,100,000 before considering the following transactions: • Goods were in transit from a vendor to VICO on December 31, 2020. The invoice price was P 80,000, and the goods were shipped FOB Shipping point on December 29, 2020. The goods were received on January 4, 2021. • Goods shipped to VICO FOB Shipping point on December 20, 2020, from a vendor were lost in transit. The invoice price was P 50,000. On January 5, 2021, Gerry filed a P50,000 claim against the common carrier. In its December 31, 2020 statement of financial position, VICO should report accounts payable of
- Govender Wholesalers entered into the following transactions during February 2016 (IGNORE VAT).They make use of the perpetual inventory system.DateDetailsThe owner made a capital contribution of R640 000 to his business. This was done bymeans of an electronic transfer from his personal account into the business' bank account.Purchase trading inventory on credit for R153 500.1215Sell trading inventory for R32 160 cash. Goods were sold at a mark-up of 20% on cost.Purchase a computer for R15 000 on credit for use in the business.18Services rendered by Govender Wholesalers on credit for R36 000.2425The business paid back R50 000 of the inventory purchased on credit on 8 February.The debtor made full payment for the services rendered on credit on the 18t of February.27The owner takes inventory for his personal use with a selling price of R3 000. (Mark-up 50%on cost price.)28Pay staff salaries of R27 500,Required:Show the effect of each individual transaction on the accounting equation…FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?Near the end of 2007, Wilson Co. made the following purchases. The months involved in all cases are December 2007 and January 2008. Amount FOB Date Goods Shipped Date Invoice Mailed Date Goods Rec'd Date Invoice Rec'd $1,875 Destination 12/29 1/2 1/5 1/4 2,430 Shipping Point 1/2 12/29 1/4 12/30 1,690 Shipping point 12/28 1/2 1/3 1/4 2,700 Destination 12/29 12/27 12/31 12/28 What amount of the above purchases should be included in inventory at December 31, 2007? a. $4,390 b. $1,690 c. $6,265 d. $3,565
- On 17 April Ak traders sold goods for R3400 by creadit card to M moody .The cost price on goods sold R260For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10n/30 and that any purchase returns was known before Mary Paz Abad Retailers made the payments.Freight Prepaid PurchasePurchases (by seller) Returnsa. P12,000 FOB Shipping Point 1,000 P3,000b. 24,000 FOB Destination 2,400 2,000c. 28,000 FOB Shipping Point 4,000Shipping TermsPage 1 of 6d. 40,000 FOB Shipping Point 3,000Required:a. Determine the cash discount available.b. Determine the cash remitted if payment is made within the discount period.The following information is available for the year ended 31 December 20X4 for a trader who does not keep proper accounting records: $ Inventories at 1 January 20X4 38,000 Inventories at 31 December 20X4 45,000 Purchases 637,000 Gross profit percentage on sales = 30% Based on this information, what was the trader's sales figure for the year? A $900,000 B $819,000 C $920,000 D $837,200
- 1. FDN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P35,000, terms 2/10, n/30. Returned P900 of the shipment for credit. Paid P400 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases? 2. On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period? 3. FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of…SHOW COMPUTATIONyou found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point.b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021.c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in the physical inventory as goods in transit.d. A P600,000 shipment of…you found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point. b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021. c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in the physical inventory as goods in transit. d. A P600,000 shipment of goods to a…