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C3553FY Financial Accounting I (Year Module 2025) [FM ] [F]
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A company sold goods worth $10,000 to a customer with credit terms of 2/10, n/30. The customer pays on the 5th day. What amount should the company receive? (Select one option)
If a settlement discount was not expected to be utilized and ends up being utilized, how should the discount be recognized? (Select one option)
What is a cash discount? (Choice one option)
Fusion Ltd sells goods on credit to Angel Inc. on 1 Jan 2024 amounting to R4 600 VAT inclusive (invoice price). The credit terms per the sales invoice are 5/20 n/30.
Fusion Ltd is a VAT vendor, and only deals with VAT vendors.
From past experience with Angel Inc they are expected to pay within a week because Angel Inc has always paid Fusion Ltd within a week.
The journal on the Date of sales transaction 1 Jan 2024 is as follows:Dr Account receivable (SoFP) XXXXCr VAT output (SoFP) XXXXCr Allowance for Settlement discount (SoFP) XXXXCr Revenue - IFRS 15 (P/L) XXXXRequired:
What is the correct general journal entry with amounts on Date of payment if Angel Inc paid on 6 Jan 2024.
Dr Bank (SoFP) N$4 370; Dr Allowance for Settlement discount (SoFP) N$190; Dr VAT input (SoFP) N$40; Cr Account receivable (SoFP) N$4 600.A company reports the following items: Inventory of N$25 000, Vehicle N$150 000, Accounts Receivable of N$12 000, Loan to AJ short-term portion N$3 000, Building N$1 000 000, Cash of N$5 000, and Prepaid Expenses of N$10,000. Calculate the total current assets.
What are trade receivables or DEBTORS in accounting? (Select the correct option)
A company had inventory of $20,000 at the start of the period and $30,000 at the end. Calculate the cost of sales if the company’s purchases during the period were $70,000. (Select one option)
On 1 Jan 2023, the allowance for credit losses account had a credit balance of N$50. At 31 Dec 2023, customers owes a company $15,000. The company expects to write off 3% of the receivables as uncollectible. How much credit losses expense (p/l) should the company recognize? (Select one option)
In IFRS 15, if at the date of transaction a settlement discount is expected to be utilized , how should it be recognized? (Select one option)
A company provided services worth $8,000 in December but did not receive payment until January. How should this amount be recognized in the financial statements? (Select one option)