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:  Group of answer choicesDR Receivable $30 000; CR Sales revenue $28 037; CR Interest revenue $1 963.DR Receivable $30 000; CR Sales revenue $28 037; CR Deferred interest $1 963.DR Receivable $30 000; CR Sales revenue $30 000.DR Bank $30 000; CR Receivable $30 000.

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

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

Ralph gave his aunt an antique clock in 2022. He had purchased the clock for $15,000. The fair market value at the date of the transfer was $22,000. What amount should be recorded on Form 709 as the value of this gift?a.00b.$6,000c.$22,000d.$15,000

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.