Fusion Ltd sells goods on credit to Angel Inc. on 1 Jan 2024 amounting to R4 600 VAT inclusive (invoice price). The credit terms per the sales invoice are 5/20 n/30. Fusion Ltd is a VAT vendor, and only deals with VAT vendors. From past experience with Angel Inc they are NOT expected to pay within 20 days because Angel Inc has always paid Fusion Ltd on the last day of the month. The journal on the D ate of sales transaction 1 Jan 2024 is as follows:
Dr Account receivable (SoFP) XXXX
Cr VAT output (SoFP) XXXX
Cr Revenue - IFRS 15 (P/L) XXXX

Required:
Calculate the amounts to be recorded on the date of transaction for each of the accounts in the above journal. (Select the correct answer)

Question

Fusion Ltd sells goods on credit to Angel Inc. on 1 Jan 2024 amounting to R4 600 VAT inclusive (invoice price). The credit terms per the sales invoice are 5/20 n/30.  Fusion Ltd  is a VAT vendor, and only deals with VAT vendors.  From past experience with Angel Inc they are  NOT  expected to pay within 20 days because Angel Inc has always paid Fusion Ltd on the last day of the month. The journal on the  D ate of sales transaction  1 Jan 2024 is as follows: 
 Dr Account receivable (SoFP)                                 XXXX 
 Cr VAT output (SoFP)                                                              XXXX 
 Cr Revenue - IFRS 15 (P/L)                                                      XXXX 
 
 Required: 
 Calculate the amounts to be recorded on the  date of transaction  for each of the accounts in the above journal. (Select the correct answer)

Answer

Dr Accounts receivable (SoFP) N$4 600; Cr VAT output (SoFP) N$600;  Cr Revenue - IFRS 15 (P/L) N$4 000

Answer

Dr Accounts receivable (SoFP) N$4 370; Cr VAT output (SoFP) N$570;  Cr Revenue - IFRS 15 (P/L) N$3 800

Answer

Dr Accounts receivable (SoFP) N$5 290; Cr VAT output (SoFP) N$690;  Cr Revenue - IFRS 15 (P/L) N$4 600;

Answer

Dr Accounts receivable (SoFP) N$4 600; Cr VAT output (SoFP) N$690;  Cr Revenue - IFRS 15 (P/L) N$3 910;

Crowdly

Fusion Ltd sells goods on credit to Angel Inc. on 1 Jan 2024 amounting to R4 60...

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