- Financial Accounting 2 1 (90.88 KiB) Viewed 29 times
financial accounting 2
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financial accounting 2
financial accounting 2
PROF.DR.A. SAIT SEVGENER MAKE THE NECCESSARY LEDGER ENTRIES FOR THOSE TRANSACI 1.At the end of the February; VAT Deduct Balance is 175.000 TL, VAT Transfer Balance is 65.000 TL VAT Received is 190.000 TL Make the neccessary ofsetting entry. 2.At the end of financial period, 64.000 TL open account is proved to be doutful. 3.Efforts made to collect doubtful account proved to be uncollectible. 4. Merchandise sold with credit terms n/30,5/10 is 190.000 +%10 VAT is on account. Cost of Goods Sold is 103.000 TL. 5.Customer closed the account within the credit terms (n/30,5/10).Customer endorced a check to close the account. 6. A Time Deposit account opened for four months, on November First 2020. Annual Interest Rate is %24, for 300.000 TL.Make the neccessary entries until maturity. 7.Company's Tangible Fixed Assets are ; Land and Building Sites; 2.400.000 TL, Land Improvement is 850.000 TL, Machinary 600.000 TL,Tranportation Equipment is 250.000 TL.,Fixtures are 200.000TL.Economic Life o Fixed assets are five (5) years. Make the neccessary Depreciation entry. 8. Company Sold Office Building with the acquired Cost of 3.250.000 TL.Accumulated Depreciation Of Building is 975.000 TL. Sale Price is 2.700.000 + %10 VAT. Half check and half note is collected. 9.Land is Purchased for 5.450.000 TL + %10 VAT and endorced a note. Old building Demolished with a cost of 600.000 TL+VAT was on account. Company Made a Contract with a contractor to build Office Building on Land,to finish in two years.First year's constraction invoice is 2.715.000 + %10 VAT. Note is endorced. Second year's construction invoice is 1.300.000+ 10 VAT is on account.Temprorary acceptance is made and Building is entered as an asset. 10. Vendor issued a Bill of Exchange for 180.000TL to be paid to XYZ CO. Bil of Exchange is accept and signed to pay in 15 days. 11. Total Credit Sales of current year is 3.600.000 TL.%6 of Credit sales estimated as an uncollectible. Make the neccessary entry.
PROF.DR.A. SAIT SEVGENER MAKE THE NECCESSARY LEDGER ENTRIES FOR THOSE TRANSACI 1.At the end of the February; VAT Deduct Balance is 175.000 TL, VAT Transfer Balance is 65.000 TL VAT Received is 190.000 TL Make the neccessary ofsetting entry. 2.At the end of financial period, 64.000 TL open account is proved to be doutful. 3.Efforts made to collect doubtful account proved to be uncollectible. 4. Merchandise sold with credit terms n/30,5/10 is 190.000 +%10 VAT is on account. Cost of Goods Sold is 103.000 TL. 5.Customer closed the account within the credit terms (n/30,5/10).Customer endorced a check to close the account. 6. A Time Deposit account opened for four months, on November First 2020. Annual Interest Rate is %24, for 300.000 TL.Make the neccessary entries until maturity. 7.Company's Tangible Fixed Assets are ; Land and Building Sites; 2.400.000 TL, Land Improvement is 850.000 TL, Machinary 600.000 TL,Tranportation Equipment is 250.000 TL.,Fixtures are 200.000TL.Economic Life o Fixed assets are five (5) years. Make the neccessary Depreciation entry. 8. Company Sold Office Building with the acquired Cost of 3.250.000 TL.Accumulated Depreciation Of Building is 975.000 TL. Sale Price is 2.700.000 + %10 VAT. Half check and half note is collected. 9.Land is Purchased for 5.450.000 TL + %10 VAT and endorced a note. Old building Demolished with a cost of 600.000 TL+VAT was on account. Company Made a Contract with a contractor to build Office Building on Land,to finish in two years.First year's constraction invoice is 2.715.000 + %10 VAT. Note is endorced. Second year's construction invoice is 1.300.000+ 10 VAT is on account.Temprorary acceptance is made and Building is entered as an asset. 10. Vendor issued a Bill of Exchange for 180.000TL to be paid to XYZ CO. Bil of Exchange is accept and signed to pay in 15 days. 11. Total Credit Sales of current year is 3.600.000 TL.%6 of Credit sales estimated as an uncollectible. Make the neccessary entry.
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