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SELFTEST for admission to the financial variant of minor BPI

 

Given are the following financial fact for the month of September.

 

 

?

Bank balance, September 1

  50.000,00

Purchases  Netherlands, on credit, incl 19%VAT

  11.900,00

Purchases  France, on credit, 0%VAT

    8.000,00

 

 

Sales in Netherlands, cash incl 19%btw

  47.600,00

Cost of sales

  14.000,00

 

 

Bank payment accounts payable Netherlands

    9.520,00

Bank payment accounts payable France

    9.000,00

Rent, excl 19% VAT, paid by bank

    2.000,00

Wages, paid by bank

    3.000,00

Depreciation of equipment

       500,00

Redemption of debt (on August 31: ? 220.000)

  20.000,00

Advance payment of interest for next 6 months

  12.000,00

 

For September:

  • make the necessary journal entries for these financial facts

and determine from these the

  • bank balance per September 30
  • profit for the month September

 

The chart of accounts to use:

Input tax (VAT reclaimable)

Depreciation cost

Bank

Accounts payable (NL and FR combined)

Rent expense

Cost of sales

Equipment

Sales revenue

Wage expense

Interest cost

Debt

Output tax (VAT payable)

inventory (NL and FR combined)

prepaid interest

vooruitbetaalde rente

 

 

Solution:

Bank balance end of September:  ? 41.700

Profit for September:                        ? 18.500

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