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Post Info TOPIC: posting journal entries (basics), T-accounts


Newbie

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posting journal entries (basics), T-accounts


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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Veteran Member

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Date:

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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Veteran Member

Status: Offline
Posts: 52
Date:

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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Newbie

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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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Veteran Member

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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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Newbie

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Based in Poland.

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



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Veteran Member

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is this a study question or real life?

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Newbie

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study, hope I didn't break the rules


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