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General Accounting PDF
General Accounting PDF
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Lebanese University
Exercise 1:
The accounting department of « KHOURY» enterprise gives you the following information for the
month of December concerning the employees:
Eliane, married, her husband doesn't work and she has a 20 year old boy at university. The basic
Paul, married, his wife works and he has 2 children under 17 years old. The basic salary of Paul
i Boulros, married, his wife doesn't work, and he has 3 children: a boy, 10 years, a girl 12 years
and a boy 27 years. The basic salary of Boutros amounts to 2,OOO,QOOL.L. Transportation:
I 200,OOOL.L.
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., Reqnirement:
1- Calculate:
The social security charges afforded by the employer and the social security afforded by the
employee
Family benefits from the social secUrity
Tax on salaries
Transportation
Salaries due to employees
2- Register the accounting entries related to salaries, social security charges and only the
settlement entry of salaries due (payment by check).
Exercise 2:
After the physical inventory of the company Wakim SARL, the accounting department provided the
following information concerning the year 2018:
01101/2018 31112/2018
Stock of goods 25,000 40,000
Stock of packing materials 10,000 12,000
Requirement:
Exercise 3:
The company "Bardawil SARL" that is subject to VAT provides you with the following information
regarding the V AT accounts for the last two quarters of the year 2018:
July-August-September:
A- Requirement:
Prepare the VAT declaration ofBardawil SARL and indicate the balance of the VAT at the end
of the 3'd quarter.
Register the necessary entries concerning the VAT declaration.
October-November-December:
., .....
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VAT paid/purchases with VAT paid/fixed VAT paid/ expenses with TVA collected/sales
"1. , right to deduction assets with right to right to deduction
deduction
B- Requirement:
Prepare the VAT declaration of Bardawil SARL and indicate the balance of the VAT at the end
of last quarter.
Register the necessary entries concerning the V AT declaration.
During the last quarter 2018, the enterprise SAM, subject to VAT 11%, has done the following
operations:
5-10-2018: Our supplier Elio delivers goods: Gross value 5,000,000 1.L HT. Trade discount 2% and 5%.
Transport 100,000 1.1. HT, Packing materials consigned 200,000 1.1. settlement in a month.
10-10-2018: Sales on credit goods to our client Cyril in France amounts to 5,000,000 1.L. (export.)
15-10-2018: The owner ofthe enterprise withdraws goods for his personal use for 1,000,0001.1. HT.
18-10-2018: We return all of the packing material to our supplier Elio, who accepts to return them for
only 50% oftheir value.
26-10-2018: Receive an advance on account from our client Michael for 1,110,000 1.1. by check
deposited immediately at the bank
30-10-2018: We deliver to our client Michael the goods ordered on 26-10-2018. Gross value 7,500,000
L.1. HT, Trade discount 2%, financial discount 3%, freight 200,000 1.1. HT, packing materials
consigned for 300,000 1.L. on credit.
31-10-2018: Settlement by check the rent ofthe month for 1,000,000 L.L. HT
5-11-2018: Michael returns 100,0001.1. packing materials in good condition and decides to keep
200,000 1.L definitely. Michael is a good client though we decide to afford the VAT.
20-11-2018: The enterprise SAM receives cash the rent ofa building from the tenant Elias for 300,000
1.1. HT.
5-12-2018: The enterprise SAM pays by check the annual fire insurance policy for 2,000,000 1.L
10-12-2018: Our client Maurice whose balance amounts to 3,500,000 L.1., settle the amount cash for
20-12-2018: We send a credit note to our client Charbel, represents a trade discount for 250,000 1.L HT.
GOOD LUCK!
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Lebanese Uni"Versity
Summer: 2018·2019
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Page 1 of4
Exercise 1: (16 pts.)
The following is the payroll schedule of the enterprise "DIA" (in Lebanese pounds) at the end of May:
Requirement:
Exercise 2: (6 pts.)
After doing the physical inventory of the company "Abboud s.a.I.", you are given the following table:
Requirement:
Page 2 of4
Exercise 3: (32 pts.l
REAL Enterprise, subject to VAT at a rate of 11%, has done the following operations during the last
quarter 2018.
10/10/2018: The Enterprise pays by check the maintenance invoice of its computers. Amount 300.000
LLHT
15/10/2018: The Enterprise purchases goods on credit from supplier Dani for 3.000.000 HT L.L. trade
discount 3%, trade discount 5%. Freight 25.000 L.L. HT
19/10/2018: The Enterprise receives the annual fire insurance policy for 2.000.000 l.L and pays the
amount cash.
23/10/2018: The Enterprise receives order from client Simon, with a payment on advance cash for
1.500.000 Ll. TIC
29/10/2018: The enterprise delivers the goods already ordered on 23 October 2018 to Simon, total
amount of goods: 4.500.000 HT LL. as well, the enterprise consigned 50 boxes. The unit price of the
I
j consignment: 3.000 L.L the settlement will take place in 90 days, deduction of the advance already paid
must be done.
1 5/11/2018: Simon returns 50% of the consigned packing materials on 29 October 2018 at the same
~ consignment price. The remaining is kept by him. The sale price of the box: 4.000 L.L. HT.
J 20/11/2018: The Enterprise export goods for 3.000.000 L.L. to a French client « lucien &Co ».Payment
I in 60 days.
28/11/2018: The Enterprise paid by check the rent of the building for 3.500.oo01.1. HT.
5/12/2018: The Enterprise returns goods to supplier Fady for 5.000.000 L.L. HT.
23/12/2018: The owner withdraws goods for his personal use for 500.0001.L. HT.
24/12/2018: The enterprise send to client Jihad a credit note for 2.220.0001.L TIC representing a trade
discount on sales related to the month of November.
28/10/2018: The enterprise receives from supplier Farid credit note, representing a trade discount
earned on the purchases made during 2018. Amount: 3.500.000 L.L. HT
Reguirement:
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Page 3 of4
Exercise 4: (6 pts.)
The balances of the VAT accounts of the enterprise "TRI" for the second quarter 2019 are as foHows:
1- Prepare the VAT declaration of the enterprise TRI and indicate the VAT balance at the end of the
quarter.
2- Register the necessary entries concerning the declaration and payment of the balance due by
check, at the end of the quarter.
GOOD LUCK!
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Page 4 of4
Lebanese University
Administration, Section II
UDi.....ttO Lil.mDalse
Final 2018
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Page lof4
Exercise 1:
The enterprise' Adib' subject t9 VAT (rate 10%), has done the following operations
- Mr Adib, the owner of the enterprise withdraws goods for his personal use for 5,000$
H.T.
- The enterprise' Adib' return part of the goods to its supplier due to a defect in the
Requirement:
1- For each quarter, record the entries in the books of the enterprise' Adib' as well as
the VAT declaration (Payment of the VAT made by check).
Exercise 2:
The HR department of ({ XYZ» enterprise gives you the following information
concerning the employees for the purpose of:
Maria married, husband doesn't work and she has a girl 24 years old who is
Transportation: 200,0001.1.
Anthony married, wife works, and he has 2 children: a girl 24 years (married) and
a boy 27 years studying. The basic salary of Anthony amounts to 1,400,000 1.1.
Transportation: 200,000L.L.
Pierre married, wife doesn't work, and he has 3 children: a boy 5 years, a girl 10
years and Jean 24 years still studying. The basic salary of Pierre amounts to
Page 2 of4
Requirement:
1- Calculate the remuneration due to the employees at the end of the month.
2- Calculate the social security charges of the enterprise «XYZ ».
3- Prepare the entries related to salaries and social security and record only the entry
related to the settlement of salaries (by check).
Exe£cise3:
As an aocountant, you have received the fuUowing invoice issued by the company "T" on I 5/4/2017 and
sent to company "M". (''T' and "M"aresubjectro VA1)
ID5%
NettradingHr : 4.275.000
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FreigbtHr :250.000
TVA 10"10
Netdue
Requirement
Exerdse4:
The enteIprise PERlA, subject 10 VAT, has done the fullowing operations during the last quarter ofthe
00 3 October: The enteIpfise purchase of goods on credit from supplier Leo fur 23.000.000L.L Hr.
00 28 October: The enteIprise received order fulm client Georgio with a payment on advance for
4.400.000 LL cash.
00 30 October: The enteIpfise sent the goods 10 Client Georgio on credit and deducts the advance
.already received on 28110, and consigJ.'lfXi 20 boxes:
Goods: 16.000.000 L.L. Hr. The consigrunent price ofeach box: 4.000L.L.
Page 30f4
On 2 November: The ente!prisereceived the IlI1llIla.I fire insurance]XJ1icyfor 3.000.000 L.L.
On 17 November: The enterprisereturns to supplier I.ro 20"10 ofthe goods p=hased on 3/1 O.
On 19 November: Georgio returns 25% ofthe packing materials oonsigned on 30/10. And the rest WllS
On 10 December: The entetprisepays by check the balance ofsupplier Leo and benefits from a financial
discount40/0.
On 17 December: The enterprise registered and received by check; the rent of a building fur
25.000.000L.L lIT.
On 31 December: The stock of goods at the beginning of the year was 75.000.000L.L
and the stock at the end of the year is 40.000.000L.L
Requirement:
Page 4of4
Lebanese University
Administration Section II
Semester: S1
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Exercise I
The payroll schedule of July 2018 of the enterprise Svelte includes the following
infolmation:
Note that each employee eamed transportation 8,000 LL per day out of 25 days worked.
Advance amounted to 600,000 LL paid to AdeJ on 2i7i20 18 has been deducted by the
enterprise Svelte during the payment of salaries.
Requiremeut:
Exercise II
The enterprise MIA subject to VAT (10%) has done the following operations during the
month of September 2017:
1-9 : Export of goods for 25,000,000 L.L, received the amount cash
5-9 : Order of goods from supplier Elie for 2,200,000 L.L TTC and p
.advance for 550,000 L.L.
8-9 : Payment by check the fire policy insurance, amount to 800.000
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12-9: Withdrawal by the owner for his personal use, goods for 2,000,000 L.L. HI.
15-9 : Receive the goods ordered on 5 August from supplier Elie, the invoice contains
a trade discount 3% and a financial discount 1% for settlement made by check
the same day, after deduction of the advance already paid,
16-9: Payment by check the maintenance ofa machine for 750.000 L.L HT,
17-9: Delivery of goods to client Dani for 14,000,000 L.L. HT, the invoice contains a
trade discount 2%, packing materials 400,000 L.L., freight 340,000 L.L. HT
afforded by the client and paid by check the same day by the entel]Jl'isc, The
client settles cash, half of the amount and the remaining will be paid after one
month
19-9: Return part of goods to our supplier kamil, gross value: 1,000.000 L.L HT.
20-9 : Client Georges announced his bankruptcy and left an unpaid debt for 3,000,000
L.L HT.
22-9: DelivelY of goods on credit to client Nabil: the invoice contains goods for
15,000,000 LL. HT, trade discount 5% and 2%. packing materials for
1,500,000 LL, freight for 200,000 LL. HT
24-9 : Receiving from client Nabil half of the packing materials in good condition and
11 4 in bad condition with a reduction 50% of the price, the remaining are kept
by Nabil for a sale price of 400,000 L.L HT
26-9 : The enterprise send to client Jean a credit advice for 2,200,000 LL TTC
representing a trade discount on the sales related to the month of July 2017,
28-9: Purchase cash, computer equipment for 1,750,000 LL HT and office supplies
for 250,000 LL HT
30-9: You are given the following inventolY of stock:
"" .. _
119/2017 3119/2017
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I Stock of Goods 12,000,000 L.L. 4,000,000 L.L~
: Stock Finished product 6,000,000 L.L. 14,000,000 L.L.
I Stock of Packing materials 5,000,000 L.L 3,000,000 LL.
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Requirement:
Register the entries in the books of MIA entelprise made during the month of September
2017,
-:....
Exercise III
The balances of the V AT accounts of the enterprise MEC for the second quarter 2018 are
as follows:
....:.
-',: Requirement:
Prepare the VAT declaration of the entclprise MEC and register the necessary entries
conceming the declaration and the payment of the balanee due by check at the end of the
second qUaIter.
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GOOD LUCK !
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Lebanese University
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Page 1 of 3
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On 15 October: The Company receives from its supplier Mario goods, the invoice is as follows: goods
lS.000HT. Trade discount 5% and 20/0, packing materials 1.500, Freight 200HT. VAT 10%.
Axel r.ompany had already paid an advance on this order which Amounted 3.000.
On. 28 October: The r.ompany receives an order of 25.000 from its client Charbel. who pays an advance of
4.000 cash.
On 30 October: The Company returns to its supplier Mario: 500 packing materials in good condition and
500 packing materials in bad condition (Mario takes them back with a discount of 30%). The company
decides to keep the remains packing materials (the purchase price of the packing materials is double the
consignment price). The VAT is afforded byAxel Company.
: -;
On 2 November: The enterprise receives the annual policy of fire insurance for 3.000 and settles the
amount by check
On 7 November: The enterprise settles by check the balance of Mario, after deducting financial discount
2%. -,
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On 17 November: The Companysend the goods to dientCharbel and the related invoice: Goods 24.000HT.
TDZ%. Freight: 300HT paid in cash the same day by the enterprise (selier warehouse delivery). Packing
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materials: 1.500,VAT10%. , ,
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On 23 November: The Company records the lawyer fee which amounts to 3.000 Hr. ,
1
On 10 December: alent Charbel decides to keep half the packaging and returns the other half (the take·
back price, the sale price and the consignment price is the same). Client Kevin being a good customer, the ,
On 17 December: The enterprise recorded and received cash, the rent ofa building for 25.000 HT. ;;.1
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On 18 December: Client Charbel returns part of the goods. Gross value: 2.000HT.
On 19 December: The Company sells goods outside for 22.000. Settlement period: 60days.
1,
On 20 December: Client Charbel settles by c!leck deposited the same day to the ballk, the
balance of his account after deducting financial discount 20/0.
Requirements: : ,i
1- Record the ellilies ofthe above transactions in the books of AXEL enterplise. Present the
invoices related to operation 15 October and 17 November.
2· Prepare the T account of the VAT and register the closing entry related to VAT1!S.at31
December 2015. u~':';rrto UI'5l'i'\\ .
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ExerciseII- Salaries- tax on salaries- Social SecurilJ' 22pts
You are given the salaries' file ofHR enterprise in order to prepare the fiscal and social declarations fur the
month ofDecember 2015.
2- Christian:
Married, his wife works. He has three children (15, 13 and 10 years old) and they still
continue their school studies. His basic salary is 4.200.000L.L plus commissions for
500.000 L.L. and transportation for 200.000L.L.
3-Yara
Married, her husband doesn't work Her basic salary is 1.900.000L.L plus transportation
200.000L.L. She has 2 children: Roy 22 years has just completed his university studies and
looking for a job, while Rita 16 years, still continues her studies.
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Requirements:
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- The sodal security deducted from the salaries.
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Goodluck
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Page 3 of3
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Lebanese University
Administration Section II
Univenite Libanaise
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During the month, the transportation fees paid to employees all10unted to 8000 L.L per
day and per employee, The employees have worked 22 days during the month, Edward
SAL must deduct advance on salary paid to Janet for 300 000 LL and add extra
working hours by Madelyn for 800 000 LL
./ Required:
1 Calculate the income tax on salaries,
2 Calculate the social security subscription (contribution afforded by the
employer and the contribution afforded by employees). as well the family
.allowances allowed for the employees,
Page 1 of3
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File 2:
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The enterprise SIBELLE (V AT registered) has done the following operations during the
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month of December 20 J 5:
1- The owner of the enterprise withdraw goods for 110000$ TIC for his own usage
(2) On 2/12 client Bechir ordered goods for 220 000$ TIC. Received from the client
22 000$ by check as advance on account
3- The enterprise sent the goods ordered on 2/12, the due amount will be paid by
client Bechir in 60 days plus the freight charges 480$ HT which was paid by
SIBELLE's enterprise the same day cash (seller warehouse delTvery)
4- Reception and payment cash, the policy of the enterprise's accident insurance for
an amount of I 000$.
5- On 6112 the enterprise sent the invoice n° 64 to client Bob:
-Goods 62 000 $ HT
-Trade discount 2%
-Freight (buyer warehouse delivery) to be paid by the client when the goods are
received for 450$ HT.
-Packing materials 1 400 $
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-Payment terms: 4 000$ cash, 2 000$ by check and the balance during 120 days.
6- The enterprise SIBELLE export goods to Saudi Arabia for 18 000$. The client
settled the amount by cheek after deducting the advance paid in November for
1800$.
7- Goods ordered by the enterprise from supplier Hani in November were delivered:
Amount of the invoice: 54000$ IlT
Trade discount 2%
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Trade discount 5%
Financial discount 1% ~J ,","
Freight 220$ HT
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PaY111ent will be in 30 days. !
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'"8 2 Client Bob return part of the goods received, gross value 6200$ HT.
9- On 16 December purchase of goods on credit from Dana for 100 000$ HT
packing materials 4 000$. Freight 5 000$ HT.
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10- Return of packing materials to supplier Dana for I 000 and the rest is considered
sold (V AT afforded by the seller).
11- Payment to Dana by check the balance of her account, less a financial discount
2%.
12- Concerning the packing materials, client Bob decide:
• To keep part of the packing materials for the same consignment value 400$
(VAT afforded by client Bob).
• To return 500$ packing materials in perfect condition.
• To return the rest of packing materials. The enterpl;se SIBELLE applies a
discount of 30% at the consignment price (VA T afforded by SIBELLE).
; .. 13- Client Bob settled the amount of the .invoice by check after receiving a financial
discount 9%
14-The Enterprise SIBELLE received cash the rent of her building for 2 000$ HT.
15- Stock at the beginning of the period was:
Raw materials 150 000
Goods 40000
./ Required:
. 1- Prepare the journal entriesin the books of SIBELLE enterprise.
Good Luck!
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Lebanese University
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Universite Libanaise
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Page 1 of 4
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Exercise 1:
You are given the following document in order to calculate the tax on salaries and the social
security in all branches for January 2016.
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-Mamed (Wife works they have 3 boys-under 18 and a girl
9,000,000 26 doesn't :'/ork)
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LSalem 750,000 I Marrie~ (wife doesn'twork they~:~e~ch~~~ years) ....._ j
Required
• Calculate the social security subscription in all branches the pal1 afforded by employees
And tbe part afforded by the employer.
• Transport expenses fol' each employee.
2- Draw the calculation done in a table that shows the remuneration due for each employee.
3- Register all the entries related to payroll for the month of January 2016.
: ....
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Exercise 3:
The f"lluwing are the operations done by DiAGiO Enterprise (VAT registered) dUrIng the
month oUune and July 20]6.
On 02/0612016, the enterprise withdraw goods for its own use amounted to 22.000$ TTC
HT, TD 12%.
On 1510612016 the enterprise sent the goods ordered by client Rami accor".!i...,,.-r,oc).ttil$,,.
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i Price (HT)m~~ii:=J
I Trade Discount I 0% I~_-== ____ h __
LN-et-t-ra-d-in-g-------~I'· _. ___... __ .. __ 1
. Net financial
6.600$
I Advanc_e________
: Net to settle
---
On 20/0612016 received the goods from supplier Hani ordered on 13/06 amounted to
On 07/07/2016 supplier Bastian sent the goods amounted to 20,000$ HT, TD 10%
100 packing material in bad condition, the supplier accept to relUrn them at a price of 70
On 30/0712016 the enterprise sent goods on credit to Saudi Arabia amounted to 30.000S.
On 31107/2016 the enterprise sold goods on credit to Araco enterprise for 7,250 HT and
made the freight through a transportation enterprise, the transportation invoice amounted
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Page 3 of 4
Exercise 3:
During the Second quarter of the financial period 2016 The Enterprise declared to the ministry of
finance the following:
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Page 4 of 4
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2- A~f?llst Received the 101l0win1' invoice Ii'om the stationery shop "Modeme": a:..
5pncketsofpaperA4 10$ fiT (unitpncc,) -0:: COOt' .
2 toners for the printer 30 $HT (unit price,] -::. \> <D '¥
VAT 10%
NICOLE enterprise sent dIe goods ordered by M}'1iam according to following conditions:
Goods 63.000 $ HT; TD 10%, fj'"igh t 600 $ HT, TVA 10%, .
.,, To be noted that the Ii'eight was paid cash by NICOLE enterprise all the same day.
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17- Au!WsJ; NICOLE withdrclVvctl goods for its own usewTIounted to 10.000$ fTf. c;, .~) 000 lrl T
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.73- AIIgJ!5.t Received the tollowingillvoice Jj-()m"Mellblo~s"galieIY .
2 desks ullit.Qri~ L 530 $ HT ::: '?iVG:O
IIQJ9'1, l G?£D ')
51q '900
5ch'1i1'5 ,ullitp.!:ice 550$HT ~ 'd...1CJ) --\ t (3<::,.,0 g~~
'I'D 5%, VA T J(JOA,.
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JO.:. Septer!lilCr: Paid cash ac1vallceto sllpplier Marc fur 2,200", -, :,D
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17- Scal!'?mber: Received the invoice from supplier Marc concerning the goods as follows; G:>:'(
Goods 15,000 $ fiT, TD 3%, and freight 200$ HT. packing materials: 1,000$
8-~ ....IT: NICOLE enterprise returned to supplier Marc packing materials for 800$ in
g Jd co Ition and keptthe rest definitely, The VAT is afforded by Marc
19- September: Paid to supplier Marc the balance by cheque after deducting 5% for
immediate settlement
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2 SeJ2.tember: invoice of goods sent to client Mathieu (I ives in France] for 14,500 $, \)
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Req uire<:.!;
1" Register all iJ1e opel',ltionsabovc ill the bool,s 6fN1COLlo enterprise, .
(3 Prepare the "T" 'lCcolmt,ofthe VAT ;l~ld determine ifit is a VAT to be jl<1id·or a V~T to be
Rom V~F~ j
T,():lOr. '?J}\Oi>P\,} ~1. ) j
reported.
You are given tllesahries' ftJe ofTANIA enterprise in order to prepare the lisGlI dnl! sod,,! deciaratioll' tor
Jean Claude has already Withdrawn an advance during the month amounted to 300.000L.L.
-Antonella is married. Her husband practices a profeSSion. He has his own office for
auditing and accounting. The basic salary of Antonella is 1.900.000 in addition 200.000L.L
transportation. They have a boy, lohny, 24 years, has just completed his university studies
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1- Calculate (or the month oflanuary and by employee: \~ c;.() IO::C;'--7 t-~ <
- Tax salaries.
- The social security deducted from the salaries. 5(\
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- SOCial security (Family aJlowance}on.the charge .tbe NFSS. of lO('i
- The social security expen'ses afforded by the enterprise. c::: (\ -~ ;)01.
- The net of salary to be paid. :.:;; . \o7\/l
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2- Prepare th? entries at the end oflanuary related to the following:
- Salaries ofJanuary, knowing that the salaries will be paid on the 3'" of February.
- Social Security.
3- Prepare on February. the 3 rd the entry related to the payment of salaries due by
cheque:
4- Suppose that the salaries and the status of the employees have not been changed
during the first quarter, calculate the amount that the enterprise should pay to the social
security at the end of the quarter and prepare the entry related to the payment due to
NFSS by cheque.
5-Caiculate the amount that the enterprise should pay to the Tax administration at the end
of the first quarter and prepare the entry related to the payment of tax due. (The payment
,-·'!as made cash]
Good Luck
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litl LEBANESE UNIVERSITY
I' Faculty of Economical Sciences
And Business Administration
iI i' Section II
5/7 sold goods on credit for 2,500 HT to Kevin and added 150 !or.packing materia is
8/7 Kevin returned the packing materials
9/7 pUfchaseltl goods on credit from Steve for 1.8,500 HT packing materials 300 and,
". freight for 60
Trnde discount 5%
...<:: 21/7 Kevin pard his balance by check
24/7 purchased returnable packing materi21b 1 SO bottle on account valued 100 HT pN bottle
27/7 Delivered client Jim 50 bottles on account
29/7 pUfchased 500 cans (Of 250 HT per unit paid by check
, . 30/7 cfient Jim returned 25 boule..,,·and kept 25 (the sale price i::. lOOHl and ~he
refundable am'o·unt is 90)
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; 'The following 0pNZllions roade by kind;) enterprise during March and April
f
Soles of March 55,000,000 He
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PtirchasesoLMarch 9,900,000 TIC
Purchases of IIpril 30,000,000 HT
ExternJI services 01 April nol subject to VAT amounted 6,600,000
Sales of April 66,000,000 nc
~ , Fixed assets of April ~,OOD,OOO HT
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12/3: Sold gOQds for $44,000 TIC to clienl Mounlf and drew 3 tr3de bills on him as
follows:
J 5/3: The first bill was discounted at the bank, the interest amounted to $100 ,and
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;:; ,j commission $10. ,
i 18/11; Purchased goods from supplier "Maurice" for $15.000 HT, endorsed the'
',', 4/5: Client "Mounir" didn't pay the first blll, he assured that
. 1
he would pay the bill on 15/5 by check,
I
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9/5: Purchase Transport equip, for $22,000 HT from "Green" Enterprise endorsed the
I, third bili drawn on client "Mounir"
j 15/S: Client "Moun!r" settled the bill.
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Required: ','j"
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Lebancse Uuiversity
Faculty of Ec()ui)~~i~ ~nd Busiuess
Final enm: March 201.0
T",de disC<Junl ?? ?
2851200
150000
250000
??<DOD
Netdue.TfC ?
Required
....
....
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~ Complete tile iUl'OJcC.
- On 24 Feb, 201 0 "[1" enterprise'returned all packing material 10 enterprise "S"; rctumed
23(jOOO
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l)rcpare Ihe nccessary journal entrics in boUl cnterprises_
':' l)rcpa r.c the .neccssary jonna) entries if ":8 11 ·enterprise ~~t registered in VAT.
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Sold goods by check 111' 57&88,
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22-6 ·Client ~" returned goods amo"'lt HT 10500 before disco"n'
26-6 Client "M" paid his account by check after allowing a cash disco,mt of
3%_
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IV- The monthly De<:ember sal.,;"" for enterprise JR as follows:
-Julian: l,5ogooo LBP roarried with 3 children under 1& and worked wife.
The December incoml' true for; Julian: 2~OOO LBP and Denise LBP.
:;sao
Required . ~,'
a- paid,.by employee
b- paid by employer.
;, . V-The (ollowing a(~ the op<'!r<ltioru made by Bcta enterprise dudng the mor:th of June:
3/6 ' Purchased goods fO( l1.sSO~OOO HT from supplier James and acc~pted a t(;)d~ bill by {be
amount due on lS{1_
4/6 The enterprise drew a bill on uient Richard due on lS/i by a nominal value of 9,280,000_
S/6. Recciveri'.i:!.mk ad~or informin.g:that "the bin Qr.;wn on client SO\i,th lor 25,300,000 is not
collected;by ront<J.ciJng di~flt So~th. it W;!s shown-that he is unable to scWe the bill before
A nev.: hi!! iss.ued by'ihe a-;nou~'t of the old -hili i)h;~;k commj~ions 20,000 plus protc'>tn
7/S The cnterprr..e notifil;d sIJppHct' Romeo that it is unable to settle the bill drawn to !lis order
due on 10/6 (face value ~,Q~S30,OOO} and tJ:tey <:tgreed on the foflm"l/ing:
Gill drawn on
client Richard will be ('ndor.... ed to ~UpptiCf Romeo
Jbe.cnterprise wlll accept a,bill by the bala~sc due on 31/i plus il\leresl 170,000.
17/6 Received bank adviw for fJdyi.ng-loC'llized bills 3,i2S,~OO.,
4{7 Purchased equipment-eo j-odus;ri.:?Uool, on account from G;(:en enterprt5C fa; 15.3<10,000
H_I.
S/I DH!W bill Oil dient Rldia.f? lor 4,350,000 tke on lS/&, accepted iflUl)cdi:alt'ly by Ihe client.
nt.' f fuJor;ed ny, bill Jravl1I Oft client HlchMd to tht.! ol\.h:f 01 Gt('cn enlf'fptr">e, ;Jnd aCWfHcd a
bill by the balanct,: due on 15/8_
Uten~ ~irade didn't pay tht' bill dr.:lWfl on him for 9,800,000, vthieh IS aiready dl'i({.Hlflicd
at the bilnk; the bank deducted a charge of 25,000 from Qur ;Jceount.
By (ohtacting.th<: dient Miracle, he endorsed il bill drawn on one of his clients to the order
.. of ,rhe knt<irp~e ~~<!Rn,3o/'i ,for 11',320,000, and hl? accepted,fo i}:,y-1he' hal~nce hy i'I (;111
"':due on ?o/s:no interests or expenses. chaf{~eci to dient Mii;)d~,
lS{7 'Deposited a bill for 8.)20,000 due on 15/6 a1 the bank for di!.~ounL
,1S/!;,('-t 11le cnterprisp notifled·supplier. llcr<l!(.1 th:>t we "rc ul't<\ble .to ~eti!e ·,he Jlil! ,nmountt'd to
·i·~~.:l 10,850,000. due ~n' jsiS,'"~nd' it w~ .... <l~reed to iS~~:~' a ~~n;;i{ by ih~" ilf~ouflt ~r- n;e' old bill
~'-"
-.; ; plus dday interest 155,000 due on IS/6.
ls/I Re<:eived l:i;:'~k -di.s~unl· advic:~' (or th'c' deposited LHI, on 1 Sf7 -the advice sho ....le~ inlcrc~~
lor 200,000 and commissiom: 120,000,
'Required
Prepa!e journal entries
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• liS Delivered client Mir::aclc lSO bam:ls (wru;igncd) for 90.060 p..,,;o C'lSb.
215 Received invoice from Jimmy entaprise:
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·d , 615 I)w-chascd cash from Herald OJierpnsc:
150 :mde; LOP 1$0 H.T per unit.
200 bruTels LEW 300 H ,T ricr" UniL
i The enterprise w111 usc thc<;e rik·lterials \0 \(Md the sold goods, Im-rctuInable.
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• 10/5
alent Mjrade rcil,lmed 100 bmcis. and he \'Ia$ Tcfun4xl60,OOO casJL
(kliver«! diet'll South 150 banels (consigned), for 60.00000 a&A:lonl
k.xv
I \ 1515 Client M"uadc decided tD !lIe b.urcls !l./ his end, and purc,h3.S(:ij another 50 barrds. p~id t.he
I n .... 7.015
amoUflI by check (sale p~ is the pricc or cpnsigncd delivery - tax excfudcd).
Rct\1mro 20 barrels to Hcr.tld O"l.lctprisc-, and rd1.mded the amouni in. cash.,
21/5 R6::dv"oo chcck from eli.ent Sourh R.r [he eQfu)gne.d ddi.vcn:d packing .roalcrl-Jis {In 10(5
t ~x~rci~e 2
nou&ht 500 share::; (~uity p;:lr1i~V;\tion). 311d paid oy check' as foilOws: W,'7~/\
- 213
Price 9.600 pc! share:;. ~: - ~ / \ \
Comndssions 4S.00~.';-- .:-~, ! __
l' 5/J nOllght ton shares (cqu,ity r;u:ti6p.ation). ::lnO plid by di~',cL~!> fnlli,.lws:
Prk.e j 50,000 per"sh:1f'c:
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Comrnlssions.250..500. :. . t \7\ /
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'Sold 60 sl~es 'tiri·.a,to;~1 (bought 60,000 pcr share) for 9J,Ooo r~r sh,'lft~ (SceJ;-i{y plae'bOl(nl)
Collected the: divi&hd" nflhc <quily p.ldicipmlon 5hall~ 41)7,500_
SOfd,:,I'O ~~.~\if the equity r3!ticipation shurc., tlcp05ilcd at tilt:: lmnk:
rUr(:tH~~~, 'Pf!:Z J24,OOl? P;T,sh>vc. .
.sale pii6elZit9,OOO ¢ , s h a r e . · ' , ,
ObiaiOCu {he chock rc the $,;lc on 6fJ.
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-·EX('.rt:ise 3
_The [()!lowing Me Ihe operations done ~amC5 Me'l4 is(: during lhe Fchnnl.fY. ~bn:h and Apr;!;
Sold goods.. fpr? !.lJ~MI00T!C {) d loll Fcdc;;.\! <\!1d drn,. ,j trad<: I;tHs on hil,1l :<,\..\ fvHo\Y~:
" 1 1;160;obo'duc'0I1-3fj]·.:!?::'·-"'" ' .;.~.,. ,; ~/:--,~.-:
20,000,000 due on 301~.
20,000,000 due On 31!S
20,000,000 duc on 30/6.
The flf$t bill 'w'a.<> dlscounrro H! Iht.: bank, Ihe intcrCS'..s
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PUrchased raw m<l1criaIs or; aErm~m-Supplier Alph":::t"fO.r~OOO I-LT.
Endorsed the bitJ Q.ra\V1? ~n 'cderal tcrprisc ~up;n:~~d paid the balance
after obtaining: 8'disj::.oont 2~ . m~~ n ,
clH.-'Ck
by
Sold goods 8,530.000 H.T eash.
Purchase<! office supplies for &,530,000 H.T fulflJ Beta enterprise, and w::ep!.ed a biU due On 3 I IS.
Client Fede:raJ didn't pay the firsl bill discounted at the h:mk, the coteTriSt! conWcted the client
Sold good.~ an 3COOunt to client MJracle amounted to 11.250;000 H.T; by permissible 5% and
Sent a bm to client hluadc to accept by the amount onus purchases:. ,\) -i-~as: ~
Purchased office supplies for 25,000,000 B-1 frOO'. Nonh enh:rprise, b~,. a trade discounl Qr~D'/".
'2.5
endorsoo the 3'" bill df;lWO on cherll Federal and :::tcccp<oo (I bill by he bab.nu due on 15/6. SlA
Received oonk: ndvJcc for dcductlOg expenses 280,000. ~. z 63' b( ,
o·~), / ( d'
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Required J
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Preparc journ::1 Clltries.
G 5/1 J
Sctllcmcnt by bank transfcr dravm f)(\ lxtrJ\ (Y) ill respect of tdc:pho!le hill for the
September and (}c!olx;r 97,840.
Drcw meek lJ 109 on bank (X) f'OI".57.o,000 lo.UjC order of supplier Miradc anti. cheek
mOfllh ot
II 110 on ,~
hank (X) for 218,750 to the order of supplier GrC(:.n. ~ .
Sill Transfcr to (jur 3C¢)unt 1(\ bank (Y) form eli!.TlI Alpha for 409.300. .;;t- (
i(ecclV~ bank Jjdvice for {he colk.ction of eh~b deposited in bank (X). ~<:/ L
!2J11 Ro::dved ehc.;k.:; from clicnl<; Ydlow 8.- F•..1.:r?1 r~>r 97.100 ?Jld 706,900 rc:;pcc:i.'cly,
. diycctly at b<mk lX). ' .
dcpc,;;:t'.d
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I.S/ll OCpOSited cbecks n::o...iv("<l on 12Jll i!\ ban.I.: 01 for collection. ) ;J \/
2lfl ! Cosh p",eh",,,,,, &7 r.
~aintcnancc· mJ!.crlt!.ls 23,250 ';..' 10 F
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.,Required
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Acconnting I : •.:LJi
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Exercise 1
C( vi~ r
'flu::: foHowing operations were done by JR enterprise subject to VAT at the rate of 10% during
I'
monlh of JwillU)' ~008.
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:. On 3/1 purclk1.Sed goods on credit from supplier Beta for LllP 2,500,000 H.T. and oblhln
t·,: dis~~t.ofS%. a cash discount of 4% wiB ~'givco ~thc mvoice
is ~tt1ed within"IS da .
I' On 411 JR enterprise received an order from Jim enterprise witb an adv.
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L. amounting to LBP 2,200,000
H.T.
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i:< On 1/1 ~ enterprise ret1,1r:p~d go~s to Be~ arno
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~t P~)7oU o(Ju!i,an ';:Dle!]:lM~!,inc!~dej ~ emp:'OY~t
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"report Ihe jC'JltaJ ~\.7H;1 rSR t~flt~ :ho)mz eJl the
R~q\J!.nd /'
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fl¢cesli'.!)' co.lculQllcru an;!: IIlV;);ee!
Rtqulred
1. C~cu!!te lh4lneom: lax ',0 b¢.d~duc:"ed frot;"~ar;h croplqyeclu.lM)', th~ amOU.!lllO bo p.rd 10 the
sod~ $~ourlt)' by Lho employcel tad by the en!erpri,~, tho unounl of funlfy ei!OWl!nct.$ Itl be
collecltd from !he 3ocla.ll~:y{$hoW L1em lc ~ tablo),' ,
!15 , 0$ elien! Richlltd ror • ,\.:.
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1015
ellenl
Endom:d !h.c bill dnnvn Oil elj~nl !Ueh:frrl 10" .;'-'~', ~f Green. t!lj~~d
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"9y, cOOI~c(ihS, tf!1.~li.en!;-1'..£!r&~~ h~ end,one~ t bill 'd~~ oli oD~ ?!,:~
'R~q\l!red
Prepvejou.r:uJ C'ntri~s
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)/< Su;n~:i'Jtd by "',JO() !.r.ilJ¢S oul of )0.000 im;.:-d by Ked en!ttpr1lt, V. 0"( t.~e shaWl
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rnc! n.l!ed 300,000 j>(r shnrt.
)15 BouS-'l1 )0 ,~u::rom Ito-e)e :nari:el fro1J1 tl:!e imJ~ of S\~~ enl~r;:rlH J ,129,500 per <J)
3hue, J:l)d; P'larxtl ¢xp:roel 617,000, TheH Sf:Ii1U llJ'e bOWS'CI fer COn:lYe'Jtlon. t, '.,,= .'-'; ,
i )!5 8QI.lrJ:l1 200 !~Al'e3 from a~l~ ellle:priH for laoF fcr.J L~cScm41';l, .::;,S,CO~ f)u
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