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C3553FY Financial Accounting I (Year Module 2025) [FM ] [F]
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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 25 Jan 2024.
Which of the following statements about current assets is true? (Choose 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 NOT expected to pay within 20 days because Angel Inc has always paid Fusion Ltd on the last day of the month.
The journal on the Date of sales transaction 1 Jan 2024 is as follows:Dr Account receivable (SoFP) XXXXCr VAT output (SoFP) XXXXCr Revenue - IFRS 15 (P/L) XXXXRequired:
Calculate the amounts to be recorded on the date of transaction for each of the accounts in the above journal. (Select the correct answer)
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:
Calculate the amounts to be recorded on the date of transaction for each of the accounts in the above journal. (Select the correct answer)