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MAG1307


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posting journal entries (basics), T-accounts
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 Hello, I have to perform the accounting entries of below transactions:

3. Invoice VAT from X for construction works regarding warehouse constructed by our company:

a) net 100000

b) VAT 8% 8000

c) total 100800

4. We have taken (drawn) the bank loan from which the construction works were paid

should the entries in T-accounts look like this <attachement>?



-- Edited by MAG1307 on Tuesday 16th of February 2021 01:21:39 PM

Attachments
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Maat


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MAG1307 wrote:
 
 
 

 Hello, I have to perform the accounting entries of below transactions:

3. Invoice VAT from X for construction works regarding warehouse constructed by our company:

a) net 100000

b) VAT 8% 8000

c) total 10800

4. We have taken (drawn) the bank loan from which the construction works were paid

should the entries in T-accounts look like this <attachement>?

 



-- Edited by MAG1307 on Tuesday 16th of February 2021 12:37:33 PM



-- Edited by MAG1307 on Tuesday 16th of February 2021 12:38:29 PM

 Training scenario?   Must be.  Wrong VAT rate (why?). No CIS.

Sure you didnt pay from the bank current account?

 

(C) total above doesnt balance. Attention to detail is critical.



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Maat


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MAG1307 wrote:
 
 
 
 
 

 Hello, I have to perform the accounting entries of below transactions:

3. Invoice VAT from X for construction works regarding warehouse constructed by our company:

a) net 100000

b) VAT 8% 8000

c) total 100800

4. We have taken (drawn) the bank loan from which the construction works were paid

should the entries in T-accounts look like this <attachement>?



-- Edited by MAG1307 on Tuesday 16th of February 2021 01:21:39 PM

 Can you please answer the Qs?



-- Edited by Maat on Tuesday 16th of February 2021 04:46:22 PM

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MAG1307


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Thank you very much for answear!

I made a mistake in 3c total should be 108000.

 

Yes, i'm sure we have taken a loan to pay the external company.

 



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Maat


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Can you please answer my other questions.

Also - what country are you based in? VAT is not 8% in UK

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MAG1307


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Based in Poland. 

Is the entry at 'TFA under construction' and 'trade payables' correct?

 

 



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Maat


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is this a study question or real life?

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MAG1307


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study, hope I didn't break the rules


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