Accounting 2B

FINALS
BSBA-29
Name: _______________________________

I. Trade Discount and Cash Discount:

Germany Trading has sales transactions to different customers in 2016.
Required: Compute the sales amount and cash receipt by Germany Trading.
Indicate your answers on the blank, as follows:
(1 pt each per date; total: 24pts)

II. Cash discount, Returns, and Freight

Mr. Egypt, bought merchandise from various suppliers with a credit term of 3/5, 2/10, 1/20, n/30.
Required: Compute the amount paid to the suppliers and indicate your answers on the blank.
(1 pt each per date; total: 9pts)

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III.Supply the missing elements: Three cases of income statement is shown below. Compute for the
missing elements and indicate your answers on the blanks:
(1 pt each per date; total: 15pts)

IV. Cost of Sales or Cost of Goods Sold

(5 pts each per date; total: 15pts)

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V. VAT Transactions: PLEASE USE 2 COLUMNAR JOURNAL IN JOURNALIZING BELOW TRANSACTIONS.
(1 pt each per date; total: 12pts)

A. Sale of Merchandise Transactions: Prepare the journal entries of the vatable sales transactions of Mrs.
Egypt, a VAT registered person in January, 2016, whose credit terms are 2/10, n/30 are:

Jan. 2 Cash Sales, P300,000 plus 12% VAT

Jan. 6 Received sales returns from cash sales, P33,600 (VAT inclusive) and gave cash refund.
Jan. 7 Sales on account with total invoice price of P448,000 (VAT inclusive).
Jan. 8 Received sales returns on sales on account, P44,800, (VAT inclusive).
Jan. 14 Collected in full from credit sales within discount period.

B. Some of the purchase of merchandise transactions of Mr. Diwa-ta, a VAT-registered (VAT inclusive) person
from VAT-registered persons, whose credit terms are 2/10, n/30 are:

Jan. 2 Cash purchases, P728,000

Jan. 5 Returns merchandise from cash sales, P72,800 and received cash refund.
Jan. 6 Purchases on account, P1,036,000
Jan. 7 Returned purchase on account, P103,60
Jan. 14 Paid in full the credit purchases within the discount period.
Jan. 15 Purchases merchandise amounting to P56,000 and issued a 12%, 15-day, promissory note.
Jan. 30 Paid the promissory note issued on Jan. 15, including its interest.

VI. VAT Payable

Tunisia Marketing, owned by Freddie the monster, is a VAT-registered (VAT inclusive) enterprise. In the month of
June 2016, it has the total following vatable transactions:
Required: Using 2 columnar journal, prepare the journal entries of transactions below.
(1 pt each per letter; total: 5pts)

a) Total purchase of merchandise from VAT-registered persons with a total invoice price of P5,600,000.
P2,240,000 is cash purchase and the balance is on account.
b) Total sale of merchandise to customers with a total invoice price of P7,840,000. P4,500,000 is cash
purchases and the balance is on account.
c) Bought 10 units of computers at a unit cost (including VAT) of P16,800. Paid cash.
d) At the end of the month, close output tax and input tax.
e) Paid VAT payable in the following month.

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