Question

2. On 10 October 2018, the entity purchased commercial goods at a price of 60,000 TL + VAT. VAT prepaid amount has been given as of March 31, 2019.

-The commercial goods purchased were sold for 78,000 TL + 18% VAT. The VAT remaining amount is written to the customer's current account.

-10% of the merchandise sold is returned by the buyer, and its cost is deducted from the buyer's current account.

- The company subject to receivables and debt securities in accordance with its accounting policy. The rediscount interest rate for 2018 has been set at 10%.

REQUESTED:                                                                                                15 points

Write the balances of the accounts related to this transaction as of 31.12.2018 in the table below.

HPP.       ACCOUNT NAME                                                      BALANCES

NO                                                                                                      2018

                                                                               

                                                                                                WILL                  BORROW

120 Buyers

121 Receivables

122 Rediscount of Receivables

320 Dealers

321 Debt Securities

Rediscount of 322 Debt Instruments

647 Rediscount Interest Income

657 Rediscount Interest Expenses

600 Domestic Sales

610 Returns from Sale

611 Sales Discounts

620 Cost of Products Sold

621 Cost of Commercial Goods Sold

Answer 1

HPP NO	ACCOUNT NAME	BALANCES 2018
120	Buyers	52920
121	Receivables	82836
600	Domestic Sales	78000
610	Returns from Sale	7800
620	Cost of Products sold	54000
		Amount in TL	vat @ 18%	TOTAL
10/10/2018	Purchases	60000	10800	70800
	Cost of sales return	6000	1080	7080
		54000	9720	63720
	VAT prepaid given			10800
	Due to buyers			52920
		Amount in TL	vat @ 18%	TOTAL
10/10/2018	Sales	78000	14040	92040
	Sales Return 10%	7800	1404	9204
	NET SALES	70200	12636	82836
	COST OF GOODS SOLD
	Selling price	78000
	Purchase price	60000
	Margin	18000
	% of margin on purchase price	30%
	Cost of sales return of 10%	6000
	Vat on sale return @ 18%	1080
	Total	7080