Neville Ltd enters into a contract to sell boat products to Patton Ltd for $300,000. The agreements
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Neville Ltd enters into a contract to sell boat products to Patton Ltd for $300,000. The agreements allows Patton Ltd to pay for these goods by 4 equal instalments, the first instalment being required on deliver and the reminder to be paid by equal instalments every 6 months. The boat products are delivered to Patton ltd on 1 January 2020. Neville ltd determines that an appropriate discount rate for transaction is 12% per annum.
Required;
Prepare the journal entries by Neville Ltd to record these on
1. 1 January
2. 30 June 3020
Related Book For
Business Law Principles and Practices
ISBN: 978-1133586562
9th edition
Authors: Arnold J. Goldman, William D. Sigismond
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