Ananya Ltd sells a range of tea mugs to retailers. Below is the January 2019 purchase...
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Ananya Ltd sells a range of tea mugs to retailers. Below is the January 2019 purchase schedule for the Dynomug. Ananya Ltd's general ledger includes the following accounts, among others: Cash, Accounts Receivable, Inventory, GST Clearing, Accounts Payable, Sales, Sales Discounts, and Sales Returns & Allowances. Purchases schedule for January 2019 Date shipped 02/01/19 05/01/19 12/01/19 25/01/19 Quantity purchased 1,000 2,000 1,500 1,200 Sales schedule for January 2019 Date shipped 06/01/19 24/01/19 iii) iv) *Not including GST. In other words, these figures are net of GST. Below is the January 2019 sales schedule for the Dynomug: $ Unit cost* Quantity sold 2,500 2,000 Type of tea mug: Dynomug Total* 4.00 4.00 4.00 4.00 $4,000.00 $8,000.00 $6,000.00 $4,800.00 Total Sale (including GST) $28,750 $23,000 Date received Type of tea mug: Dynomug 03/01/19 05/01/19 14/01/19 26/01/19 Date received by customer 08/01/19 24/01/19 Required: a) All purchases and sales of inventory are on credit, terms 2/10 net 30, and Ananya Ltd and all of its suppliers are GST registered. Ananya Ltd uses the gross purchases method to record purchases under the perpetual inventory system; however, because Ananya Ltd considers purchase discounts to be immaterial, the company credits Cost of Goods Sold when paying for merchandise within the discount period. i) ii) Prepare Ananya Ltd's journal entry for the 02/01/19 purchase of Dynomugs. Prepare Ananya Ltd's journal entry for the payment of the 05/01/19 purchase within the discount period. Prepare Ananya Ltd's journal entry for the 06/01/19 sale of the Dynomugs. Before paying for the 06/01/19 sale, Ananya Ltd's customer was granted a $115 allowance, including GST. Prepare Ananya Ltd's journal entry granting the allowance. Ananya Ltd sells a range of tea mugs to retailers. Below is the January 2019 purchase schedule for the Dynomug. Ananya Ltd's general ledger includes the following accounts, among others: Cash, Accounts Receivable, Inventory, GST Clearing, Accounts Payable, Sales, Sales Discounts, and Sales Returns & Allowances. Purchases schedule for January 2019 Date shipped 02/01/19 05/01/19 12/01/19 25/01/19 Quantity purchased 1,000 2,000 1,500 1,200 Sales schedule for January 2019 Date shipped 06/01/19 24/01/19 iii) iv) *Not including GST. In other words, these figures are net of GST. Below is the January 2019 sales schedule for the Dynomug: $ Unit cost* Quantity sold 2,500 2,000 Type of tea mug: Dynomug Total* 4.00 4.00 4.00 4.00 $4,000.00 $8,000.00 $6,000.00 $4,800.00 Total Sale (including GST) $28,750 $23,000 Date received Type of tea mug: Dynomug 03/01/19 05/01/19 14/01/19 26/01/19 Date received by customer 08/01/19 24/01/19 Required: a) All purchases and sales of inventory are on credit, terms 2/10 net 30, and Ananya Ltd and all of its suppliers are GST registered. Ananya Ltd uses the gross purchases method to record purchases under the perpetual inventory system; however, because Ananya Ltd considers purchase discounts to be immaterial, the company credits Cost of Goods Sold when paying for merchandise within the discount period. i) ii) Prepare Ananya Ltd's journal entry for the 02/01/19 purchase of Dynomugs. Prepare Ananya Ltd's journal entry for the payment of the 05/01/19 purchase within the discount period. Prepare Ananya Ltd's journal entry for the 06/01/19 sale of the Dynomugs. Before paying for the 06/01/19 sale, Ananya Ltd's customer was granted a $115 allowance, including GST. Prepare Ananya Ltd's journal entry granting the allowance.
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Answer No 02012019 05012019 06012019 06012019 Particular Inventory Accou... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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