1910 Designs Pty Ltd sells furniture on 12 months' interest free terms to qualifying customers. On 30 June 2026, 1910 Designs Pty Ltd sells $30 000 of furniture to T. Bailey, payable by 30 June 2027. The appropriate interest rate for this transaction is determined to be 7% per annum. The present value of the $30 000 to be received in one year's time is $28 037. The journal entry to be recorded by 1910 Designs Pty Ltd at 30 June 2026 is:

A furniture company using accrual accounting purchased 20 sofas in November 2011. In December 2011, 8 of the 20 sofas were sold to customers. The customers all signed contracts agreeing to pay half the amount owed in February 2012 and the remaining half in March 2012. At the time of sale, the company was reasonably sure the customers would pay the amount owed.The furniture company pays its salespeople a commission on each sofa sold, with commissions for December 2011 sales paid in January 2012.The furniture company paid $3,000 for advertising that ran in the local newspaper in November 2011.In which month should advertising costs be expensed? February 2012 January 2012 December 2011 November 2011

Byju's AnswerStandard IXMathematicsComputation of Income TaxOn 1st April,...QuestionOn 1st April, 2015, furniture costing ₹ 55,000 was purchased. It is estimated that its life is 10 years at the end of which it will be sold for ₹ 5,000. Additions are made on 1st April 2016 and 1st October, 2018 to the value of ₹ 9,500 and ₹ 8,400 (Residual values ₹ 500 and ₹ 400 respectively). Show the Furniture Account for the first four years, if Depreciation is written off according to the Straight Line Method.SolutionFurniture AccountDr.Cr.DateParticularsJ.F.Amount(₹)DateParticularsJ.F.Amount(₹)20152016April 01Bank (F1)55,000March 31Depreciation (F1)5,000March 31Balance c/d (F1)50,00055,00055,00020162017April 01Balance b/d (F1)50,000March 31DepreciationApril 01Bank (F2)9,500F15,000F29005,900March 31Balance c/dF145,000F28,60053,60059,50059,50020172018April 01Balance b/dMarch 31DepreciationF145,000F15,000F28,60053,600F29005,900March 31Balance c/d

26 Enter the following transactions in the Purchases Book of Bharat Furniture House, Delhi: Feb 3 Bought goods from Rajat Furniture House, Delhi vide Invoice No. 053 25 Chairs @ 400 each 20 Tables @ 800 each Less: 10% Trade Discount Feb 9 Purchased from Jasmine Furniture's, Rohtak 5 Sofa sets @ 4,000 each 5 Centre Tables @ 2,000 each Less: 15% Trade Discount. Feb 21 Purchased delivery van for ₹1,50,000 from Mahindra Sons on two month credit. Feb 25 Bought goods from Goyal Furniture House vide cash memo no. 103 30 Almirahs @ 5,000 each.

Cleo purchased a new set of furniture using a simple interest loan. The furniturecost $2300 and the interest rate on the loan is 12% p.a.If she is to pay off the loan over 2 years, what will her monthly instalments be?A $118.83B $552.00C $237.67D $214.67

M. Lewis opened an Innovation Furniture shop on 01 August. During August, the following transactions of the business took place. (Note GST is ignored).1.      The owner invested cash of $22,000 to start the business.2.      The shop borrowed $5,500 from the bank.3.      A 6-month shop supplies inventory (boxes, scissors, tape, glue gun, ribbon, etc.) was purchased for $1,100 cash.4.      Office equipment was purchased at the cost of $16,000 in cash.5.      A store location was rented and $2,500 was paid for the first month's rent.6.      Inventory of $15,500 was purchased, $5,500 cash was paid to the suppliers and the balance will be paid within 30 days.7.      During the first month, Sales totalled $23,000, of which $10,200 was sold on account. The cost of the goods sold totalled 40% of sales.8.      Paid a total of $ 1,350 of the amount owed to suppliers from the transaction (6).9.      M. Lewis withdrew $ 470 for personal use.10.  At the end of the month, a stocktake of the supplies showed an amount of supplies worth $545.Answer the following five (5) questions based on the above information and enter only the whole number as an answer, for example, 123456. Two (2) marks for each correct answer, a total of ten (10) marks.What is the Net income of Innovation Furniture Shop for August ($)?   Answer 1 Question 1         What is the Cash balance on 31 August ($)? Answer 2 Question 1What is the Account payable balance on 31 August ($)?     Answer 3 Question 1                     What is the Owner's capital balance on 31 August ($)?   Answer 4 Question 1What is the Expense for August ($)?