Accounting Transactions: A Practical Guide
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- 1. Upon the expiration of discounted trade bills, the bank announced that all had been processed except one with a face value of €1,200. The bank charged this amount to the company's current account, along with €60 for return postage.
1,200.00 | 4315 | Commercial paper outstanding | to | Trade bills discounted | 4311 | 1,200.00 |
1,200.00 60.00 | 5208 626 | Debts for discounted effects Banking and similar | to | Banks c/c sight euros | 572 | 1,260.00 |
4,800.00 | 5208 | Debts for discounted effects (6,000-1,200) | to | Trade bills discounted | 4311 | 4,800.00 |
- 2. Goods are purchased on credit for €10,200. The invoice includes a discount of €200. These goods are contained in returnable containers valued at €400.
10,000.00 400.00 1,664.00 | 600 406 472 | Purchases of goods (10,200-200) E&E to return to suppliers HP VAT [0.16 * (10,200-200 +400)] | to | Suppliers [1.16 * (10,200-200 +400)] | 400 | 12,064.00 |
- 3. A new trade bill is issued to a customer, including the original amount plus €60 to cover the return cost.
1,260.00 | 4310 | Commercial paper in portfolio | to to | Commercial paper outstanding Other financial income | 4315 769 | 1,200.00 60.00 |
- 4. A customer, previously classified as doubtful debts, pays 75% of their debt. After contacting the customer, it's determined that the remaining debt is uncollectible.
2,625.00 875.00 | 570 650 | Fund EUR (3,500 * 0.75) Losses from uncollectible trade receivables (3,500-2,625) | to | Customers doubtful debts | 436 | 3,500.00 |
3,500.00 | 490 | Impairment of receivables OC | to | Reversal of impairment of receivables by OC | 794 | 3,500.00 |
- 5. Goods are sold for €15,000 and shipped to the customer in returnable packaging valued at €600. A cash discount of €500 is applied because the customer pays via bank transfer on the same day.
17,516.00 | 572 | Banks c/c sight euros [1.16 * (14,500 +600)] | to | Sales of merchandise (15,000-500) E&E for return customers HP output VAT [0.16 * (14,500 +600)] | 700 437 477 | 14,500.00 600.00 2,416.00 |
- 6. Some returnable packaging from suppliers has been broken, totaling €500.
500.00 | 602 | Purchase of other supplies | to | E&E to return to suppliers | 406 | 500.00 |
- 7. The bank announces that the company has earned €100 in interest on its current account deposits, to be paid after a deduction of 18%.
82.00 18.00 | 572 473 | Banks c/c sight euros (100-18) HP withholdings and prepayments (0.18 * 100) | to | Other financial income | 769 | 100.00 |
- 8. On December 1st, an advertising campaign is launched, lasting 10 months, and paid for by check for €3,000.
300.00 2,700.00 480.00 | 627 480 472 | Publicity, advertising and PR (3,000/10) Prepaid expenses (3,000 * 9 / 10) HP VAT (0.16 * 3,000) | to | Banks c/c sight euros (3,000 * 1.16) | 572 | 3,480.00 |