E8-13 Invoice Price P168,000 212,800 201,600 184,800 REQUIRED: Determine the amount to be paid in full settlement of each of the invoices listed below, assuming that credit for returns and allowances was received prior to payment, and that all invoices were paid within the discount period. (Invoice Price inclusive of 12% VAT) Freight Cost Terms FOB shipping point, prepaid FOB shipping point 1/10,n/30 FOB Destination, collect 2,500 FOB Destination 2/10,n/30 P2,000 5,000 6,000 Amount of returns P4,480 5,600 2,240 P1,120

E8-13 Invoice Price P168,000 212,800 201,600 184,800 REQUIRED: Determine the amount to be paid in full settlement of each of the invoices listed below, assuming that credit for returns and allowances was received prior to payment, and that all invoices were paid within the discount period. (Invoice Price inclusive of 12% VAT) Freight Cost Terms FOB shipping point, prepaid FOB shipping point 1/10,n/30 FOB Destination, collect 2,500 FOB Destination 2/10,n/30 P2,000 5,000 6,000 Amount of returns P4,480 5,600 2,240 P1,120

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: ό ό ύ τ ο a. b. d. e. a. S b. S 00000 C. $ d. $ Merchandise e. S Invoice Amount $17,400 11,500 7,600 3,700 2,400 Freight Paid by Seller $500 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, 2/10, n/30 Customer Returns and Allowances $900 1,400 700 500
7. Complete the table. Invoice Terms Last Date Last Date Date Net Price Complement Cash Price Date to Take to Pay Paid of Discount Invoice cash-discount rate Аpril 18 April 6 5/15, n/30 $109.82
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(To record cash purchase of premiums) Cash Sales Revenue (To record cash sales) Cash Premium Expense Inventory of Premiums (To record redemption of codes) (To adjust unearned revenue) Save for Later 3840000 000 0 Attempts: 1 of 3 used Submit Answer E
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