User Account

All Pages

What the credit entry for the discounted amount will be

Assignment Help Financial Accounting
Reference no: EM132646302

A head office decides to sell some of the goods at one of their branches at a discount of 2%. If the Head office sends the goods at cost plus 25% to the branch and the proceeds from this sale was R 20 000.

Problem 1: The proceeds of the sales will be entered in the...?

Problem 2: The debit entry for the discounted amount will be entered in the...?

Problem 3: The amount of the profit lost in this transaction is...?

Problem 4: The credit entry for the discounted amount will be entered in the...?

OPTIONS:

A. Goods to branch

b. Branch profit and loss

c. Branch receivables

d. Branch bank

e. R 400,00

f. Branch adjustment account

g. R 4 000,00

h. Branch inventory account

i. R 408,00

 

Reference no: EM132646302

Questions Cloud

Evaluate customer services strategies : Identify both the advantages and disadvantages for undertaking this. What are the risks to an organisation if this process is not in place?
What the branch adjustment account will be : Port Elizabeth at cost plus 50%. The branch sends goods to the branch at a selling price of R 260 000. The branch adjustment account will be
Describe an accounting policy to account : Describe an accounting policy to account for the alleged underpayment of wages in the financial statements for the year ended 30 June 2020
Points about kotter 8­-step change model : What are the top 45 points about Kotter's 8­-Step Change Model, particularly while leaders manage organizational change?
What the credit entry for the discounted amount will be : What the credit entry for the discounted amount will be entered in the and The debit entry for the discounted amount will be entered in the?
How clicking yes indicates you have entered into a contract : When asked if you "accept the terms" of downloaded software, describe how clicking "yes" indicates you have entered into a contract. Discuss whether you have.
Essential features of rules-based approach to corporate : Describe the essential features of a rules-based approach to corporate governance?
Key components of human resource management : Discuss the key components of human resource management. What are some tools they can use to select the best-talent?
Determine for the balance of inventory : Compute for the balance of inventory. Inventory sold under a bill and hold arrangement, included in the stock of inventory in warehouse 20,000

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd