Tutorial 6 - 19/4/2018

EXERCISE 1
FINAL AIM:
Identify business transactions and record the economic and financial information of the
business transactions.

EXERCISE:
Company PK presents this extract of the financial and economic situation at 30/06/n:

Accounts LEFT RIGHT

Accounts payable 12,444
Revenues 5,000
Merchandise cost 7,500
INPUT VAT 2,904
Shipping expenses 1,200
OUTPUT VAT 1,100
Advance payment to suppliers 1,500
Bank 3,040
Raw material expenses 3,000
Purchase discount 600,00
TOTAL 19,144 19,144

Identify the business transactions that generated the situation above and record them by using
the Ledger Book and Journal Book. VAT is 22%.
 EXERCISE 2
Complete the Journal Book and identify the business transaction behind each recording.
VAT is 22%:
Business transaction: ___________________________________________________________________________

Cod. Accounts Left Right

L Accounts payable 8,540
… ….. 7,000
… INPUT VAT 1,540

Business transaction: __________________ _______________________________________________________________

Cod. Accounts Left Right

L ….. 8,540
A Bank 8,540

Business transaction: __________________ _______________________________________________________________

Cod. Accounts Left Right

C …. 5,000
… INPUT VAT 1,100
A Accounts Receivable 6,100
 EXERCISE 3
FINAL AIM:
Record the economic and financial information of the business transactions.

Company A produces and sells clothes. In particular, in February it carried out the following
transactions:
a) 10/02/n purchase of fabric for 10,000 Euros + VAT 22%. Payment is immediate;

Cod. Accounts Left Right

b) 20/02/n the company receives an advance payment from a customer for 3,000 Euros + VAT
22%;

Cod. Accounts Left Right

c) 22/02/n the company sells, to the same customer of point b), n. 150 T-Shirts at the price for each
T-shirt of 50,00 euros (VAT 22%). The company receives the payment at the end of
March;

Cod. Accounts Left Right

d) 25/02/n the company pays food service for 160 Euros + VAT 10%. The company is the final
consumer and the payment is immediate;

Cod. Accounts Left Right