Питання | Сторінка 111545

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) XXXX

Cr VAT output (SoFP) XXXX

Cr Allowance for Settlement discount (SoFP) XXXX

Cr Revenue - IFRS 15 (P/L) XXXX

Required:

Calculate the amounts to be recorded on the date of transaction for each of the accounts in the above journal. (Select the correct answer)

Dr Accounts receivable (SoFP) N$4 370; Cr VAT output (SoFP) N$570; Cr Allowance for Settlement discount (SoFP) N$200; Cr Revenue - IFRS 15 (P/L) N$3 600

Dr Accounts receivable (SoFP) N$4 600; Cr VAT output (SoFP) N$570; Cr Allowance for Settlement discount (SoFP) N$190; Cr Revenue - IFRS 15 (P/L) N$3 840

Dr Accounts receivable (SoFP) N$4 600; Cr VAT output (SoFP) N$600; Cr Allowance for Settlement discount (SoFP) N$200; Cr Revenue - IFRS 15 (P/L) N$3 800

100%

Dr Accounts receivable (SoFP) N$4 370; Cr VAT output (SoFP) N$570; Cr Allowance for Settlement discount (SoFP) N$190; Cr Revenue - IFRS 15 (P/L) N$3 610

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