Cost of purchasing the furniture in transaction

Assignment Help Financial Accounting

Reference no: EM133208552

QUESTION

Imaan Home Accessories Bhd is a seller of furniture located in Dungun, Terengganu. The business purchased finished furniture from suppliers and sold it to customers around Terengganu in cash and also by credit terms. In 2021, the company purchased the following furniture from Bali, Indonesia:

Purchase price before trade discount (trade discount on invoice amount to 10%) 250,000

Import duties 22,000

Transportation cost 7,000

Storage cost 4,200

1. Identify whether the furniture is item of inventories in accordance with MFRS 102 Inventories.

2. Determine the cost of purchasing the furniture in the above transaction.

Reference no: EM133208552

Questions Cloud

Write a detailed report for selected country : Write a detailed report for selected country that explained the performance of Balance of Payment (Five years in a row) in term of Current Account Balance

Which economies of scale make productivity increment : Regular restraining infrastructure, an imposing business model in which economies of scale make productivity increment consistently with the size of the firm.

What will then happen to the red blood cell : What will then happen to the red blood cell and why and What does that do to the overall blood pressure of the body? Is this an example of a positive or negativ

Explain how the key principles from each would be used : Explain how the key principles from each would be used effectively in a health communications initiative focused on health behavior change

Cost of purchasing the furniture in transaction : Imaan Home Accessories Bhd is a seller of furniture located in Dungun, Terengganu. Determine the cost of purchasing the furniture in the above transaction.

Create the prohibitive suspicions of the h-o hypothesis : Present day exchange investigation creates some distance from the prohibitive suspicions of the H-O hypothesis.

What is the importance of surface anatomy : What is the importance of surface anatomy and Mention a clinical application of two of the five structures you showed on your model and briefly explain them

Why do you want to be a sonographer : Why do you want to be a SONOGRAPHER? What OBJECTIVES / OUTCOMES do you expect from this educational program

Accounting standard for publication purposes : The requirements of the Companies Act 2016 and approved accounting standard for publication purposes.

User Account

All Pages