SOLUTIONS OF EXAMPLE-1:
(Example-1 ile ilgili konuların ayrıntılı açıklaması Chapter 1 ve 2’dedir)
1.
Purchase price = 150 * 220 = 33,000 TL
Transportation = 700 TL
Total cost = 33,000 + 700 = 33,700 TL
33,000 * 0.18 = 5,940 TL VAT for purchase price
700 * 0.18 = 126 TL VAT for transportation.
Total VAT = 5,940 + 126 = 6,066 TL
|
|
Debit
|
Credit
|
|
Merchandise Inventory
|
33,700
|
|
|
VAT deductible
|
6,066
|
|
|
Accounts payable
|
|
38,940
|
|
Cash
|
|
826
|
Accounts payable = 33,000 (purchase price) + 5,940 (VAT for purchase price)
Cash = 700 TL (transportation) + 126 (VAT for transportation). We assume that transportation is paid from cash.
2.
a. 90 * 130 * 2.36 = 27,612 TL purchase price
Transfer fee = 280 TL
Total payment = 27,612 + 280 = 27,892
|
|
Debit
|
Credit
|
|
Advance payments
|
27,892
|
|
|
Bank accounts
|
|
27,892
|
b. Total cost at this step:
Purchase price = 27,612 TL (paid in advance)
Transfer fee = 280 TL (paid in advance)
Import duty = 1,950
Excise tax = 5,900 TL
Total cost = 35,742 TL
|
|
Debit
|
Credit
|
|
Merchandise Inventory
|
35,742
|
|
|
VAT deductible
|
6,400
|
|
|
Advance payments
|
|
27,892
|
|
Bank accounts
|
|
14,250
|
Total payment = 1,950 (import duty) + 5,900 (excise tax) + 6,400 (VAT) = 14,250 TL.
c. 800 * 0.18 = 144 TL (VAT)
|
|
Debit
|
Credit
|
|
Merchandise Inventory
|
800
|
|
|
VAT deductible
|
144
|
|
|
Bank accounts
|
|
944
|
Total cost = 35,742 + 800 = 36,542 TL.
Unit cost = 36,542 / 90 = 406.02 TL.
3.
a.
|
|
Debit
|
Credit
|
|
Advance payments
|
1,900
|
|
|
Bank accounts
|
|
1,900
|
b. Total cost at this step:
Purchase price = 200 * 90 * 1.75 = 31,500 TL
Fund = 1,900 TL (paid in advance)
Import duty = 2,200
Excise tax = 6,700 TL
Total cost = 42,300 TL
|
|
Debit
|
Credit
|
|
Merchandise Inventory
|
42,300
|
|
|
VAT deductible
|
7,300
|
|
|
Advance payments
|
|
1,900
|
|
Bank accounts
|
|
16,200
|
|
Accounts payable
|
|
31,500
|
Purchase price (31,500 TL) will be paid later. So, it is recorded as accounts payable.
Total payment = 2,200 (import duty) + 6,700 (excise tax) + 7,300 (VAT) = 16,200 TL.
c. 900 * 0.18 = 162 TL VAT
|
|
Debit
|
Credit
|
|
Merchandise Inventory
|
900
|
|
|
VAT deductible
|
162
|
|
|
Bank accounts
|
|
1,062
|
Total cost = 42,300 + 900 = 43,200 TL.
Unit cost = 43,200/ 200 = 216 TL.
4. a.
|
|
Debit
|
Credit
|
|
Advance payments
|
6,000
|
|
|
Bank accounts
|
|
6,000
|
b. Total cost at this step:
Purchase price = 250 * 170 * 2.38 = 101,150 TL
Fund = 6,000 TL (paid in advance)
Import duty = 8,000
Excise tax = 21,800 TL
Total cost = 136,950 TL
|
|
Debit
|
Credit
|
|
Merchandise Inventory
|
136,950
|
|
|
VAT deductible
|
23,600
|
|
|
Advance payments
|
|
6,000
|
|
Bank accounts
|
|
53,400
|
|
Notes payable
|
|
101,150
|
Purchase price (101,150 TL) will be paid later. Since the firm accepted a draft it is recorded as notes payable.
Total payment = 8,000 (import duty) + 21,800 (excise tax) + 23,600 (VAT) = 53,400 TL.
c. 1,000 * 0.18 = 180 TL VAT
|
|
Debit
|
Credit
|
|
Merchandise Inventory
|
1,000
|
|
|
VAT deductible
|
180
|
|
|
Bank accounts
|
|
1,180
|
Total cost = 136,950 + 1,000 = 137,950 TL.
Unit cost = 137,950/ 250 = 551.8 TL.
5.
FIFO
|
No
|
Purchased
|
Units sold
|
Unit cost
|
Cost of merchandise sold
|
Balance
|
|
1
|
Beginning inventory
|
|
|
|
300*20=6,000
|
|
2
|
400
|
|
|
|
300*20=6,000
400*23=9,200
|
|
3
|
|
550
|
300*20=6,000
250*23=5,750
|
11,750
|
150*23=3,450
|
|
4
|
250
|
|
|
|
150*23=3,450
250*18=4,500
|
|
5
|
300
|
|
|
|
150*23=3,450
250*18=4,500
300*17=5,100
|
|
6
|
|
600
|
150*23=3,450
250*18=4,500
200*17=3,400
|
11,350
|
100*17=1,700
|
|
7
|
200
|
|
|
|
100*17=1,700
200*21=4,200
|
|
8
|
|
230
|
100*17=1,700
130*21=2,730
|
4,430
|
70*21=1,470
|
WEIGTED AVERAGE
|
No
|
Purchased
|
Units sold
|
Unit cost
|
Cost of merchandise sold
|
Balance
|
|
1
|
Beginning inventory
|
|
|
|
300*20=6,000
|
|
2
|
400
|
|
|
|
300*20=6,000
400*23=9,200
|
|
3
|
|
550
|
6,000+ 9,200 / 700
= 21.71
|
550*21.71 =
11,941
|
150*21.71=3,257
|
|
4
|
250
|
|
|
|
150*21.71=3,257
250*18=4,500
|
|
5
|
300
|
|
|
|
150*21.71=3,257
250*18=4,500
300*17=5,100
|
|
6
|
|
600
|
3,257+4,500+5,100 / 700 = 18.37
|
600*18.37 =
11,022
|
100*18.37=1,837
|
|
7
|
200
|
|
|
|
100*18.37=1,837
200*21 = 4,200
|
|
8
|
|
230
|
1,837+4,200 / 300
= 20.12
|
230*20.12 =
4,628
|
70*20.12=1,408
|
6.
a.
|
|
Debit
|
Credit
|
|
Prepaid expenses (ST)
|
60,000
|
|
|
Prepaid expenses (LT)
|
60,000
|
|
|
Bank accounts
|
|
120,000
|
b.
|
|
Debit
|
Credit
|
|
General administrative expenses
|
5,000
|
|
|
Prepaid expenses (ST)
|
|
5,000
|
c.
|
|
Debit
|
Credit
|
|
General administrative expenses
|
5,000
|
|
|
Prepaid expenses (ST)
|
|
5,000
|
|
|
Debit
|
Credit
|
|
Prepaid expenses (ST)
|
30,000
|
|
|
Prepaid expenses (LT)
|
|
30,000
|
7.
|
|
Debit
|
Credit
|
|
Subsidiaries
|
800,000
|
|
|
Bank accounts
|
|
800,000
|
8.
|
|
Debit
|
Credit
|
|
Long-term financial investments
|
8,000
|
|
|
Bank accounts
|
|
8,000
|
9.
a.
|
|
Debit
|
Credit
|
|
Affiliates
|
300,000
|
|
|
Bank accounts
|
|
300,000
|
b.
|
|
Debit
|
Credit
|
|
Bank accounts
|
340,000
|
|
|
Affiliates
|
|
300,000
|
|
Gain on sale of financial fixed assets
|
|
40,000
|
c.
|
|
Debit
|
Credit
|
|
Bank accounts
|
250,000
|
|
|
Loss on sale of financial fixed assets
|
50,000
|
|
|
Affiliates
|
|
300,000
|
10.
a.
|
|
Debit
|
Credit
|
|
Advance payments
|
272,000
|
|
|
Bank accounts
|
|
272,000
|
b. Total VAT = 700,000 * 0.18 = 126,000 TL
|
|
Debit
|
Credit
|
|
Machinery ad equipment
|
700,000
|
|
|
VAT deductible
|
126,000
|
|
|
Advance payments
|
|
272,000
|
|
Bank accounts
|
|
326,000
|
|
Notes payable
|
|
228,000
|
Total payment = 200,000 + 126,000 (VAT) = 326,000 TL.
Remaining amount = 826,000 (cost + VAT) – 272,000 (advance payments) – 326,000 (200,000 + 126,000) = 228,000 TL.
11.
a.
|
|
Debit
|
Credit
|
|
Advance payments
|
5,000
|
|
|
Bank accounts
|
|
5,000
|
b. Total cost at this step:
Purchase price = 2,500,000 * 2.37 = 5,925,000 TL
Bank’s fee = 5,000 TL (paid in advance)
Import duty = 296,000 TL
Total cost = 6,226,000 TL
|
|
Debit
|
Credit
|
|
Machinery and equipment
|
6,226,000
|
|
|
VAT deductible
|
1,120,000
|
|
| Advance payments | 5,000 | |
|
Bank accounts
|
|
7,341,000
|
c. 25,000 * 0.18 = 4,500 TL (VAT)
|
|
Debit
|
Credit
|
|
Machinery and equipment
|
25,000
|
|
|
VAT deductible
|
4,500
|
|
|
Bank accounts
|
|
29,500
|
Total cost = 6,226,000 + 25,000 = 6,251,000 TL.
12.500,000 * 0.18 = 90,000 TL VAT
|
|
Debit
|
Credit
|
|
Buildings
|
500,000
|
|
|
General administrative expenses
|
4,000
|
|
|
VAT deductible
|
90,000
|
|
|
Bank accounts
|
|
594,000
|
13.
|
|
Debit
|
Credit
|
|
Vehicles
|
40,000
|
|
|
Selling, marketing, and delivery expenses
|
15,000
|
|
|
VAT deductible
|
9,900
|
|
|
Bank accounts
|
|
64,900
|
14.
a. Rate = 1 / 5 = 0.2
|
Year
|
Beginning balance
|
Rate X 2
|
Depreciation
|
Ending balance
|
|
1
|
1,200,000
|
0.4
|
480,000
|
720,000
|
|
2
|
720,000
|
0.4
|
288,000
|
432,000
|
|
3
|
432,000
|
0.4
|
172,800
|
259,200
|
|
4
|
259,200
|
0.4
|
103,680
|
155,520
|
|
5
|
155,520
|
|
155,520
|
0
|
b.
|
|
Debit
|
Credit
|
|
Service cost
|
172,800
|
|
|
Accumulated depreciation
|
|
172,800
|
c. 1,200,000 / 5 = 240,000 TL.
15.
a. Rate = 1 / 10 = 0.1
|
Year
|
Beginning balance
|
Rate X 2
|
Depreciation
|
Ending balance
|
|
1
|
2,500,000
|
0.2
|
500,000
|
2,000,000
|
|
2
|
2,000,000
|
0.2
|
400,000
|
1,600,000
|
|
3
|
1,600,000
|
0.2
|
320,000
|
1,280,000
|
b.
|
|
Debit
|
Credit
|
|
Manufacturing overhead
|
320,000
|
|
|
Accumulated depreciation
|
|
320,000
|
c. 2,500,000 / 10 = 250,000 TL.
16.
a. Rate = 1 / 50 = 0.02
|
Year
|
Beginning balance
|
Rate X 2
|
Depreciation
|
Ending balance
|
|
1
|
20,000,000
|
0.04
|
800,0000
|
19,200,000
|
|
2
|
19,200,000
|
0.04
|
768,000
|
18,432,000
|
|
3
|
18,432,000
|
0.04
|
747,280
|
17,694,720
|
b.
|
|
Debit
|
Credit
|
|
General administrative expenses
|
747,280
|
|
|
Accumulated depreciation
|
|
747,280
|
c. 20,000,000 / 50 = 400,000 TL.
17.
a.
|
|
Debit
|
Credit
|
|
Bank accounts
|
700,000
|
|
|
Accumulated depreciation
|
900,000
|
|
|
Machinery and equipment
|
|
1,500,000
|
|
Gain on sale of tangible assets
|
|
100,000
|
b.
|
|
Debit
|
Credit
|
|
Bank accounts
|
450,000
|
|
|
Accumulated depreciation
|
900,000
|
|
|
Loss on sale of tangible assets
|
150,000
|
|
|
Machinery and equipment
|
|
1,500,000
|
18.
|
|
Debit
|
Credit
|
|
Franchise
|
150,000
|
|
|
Bank accounts
|
|
150,000
|
19.
|
|
Debit
|
Credit
|
|
Rights
|
25,000,000
|
|
|
Bank accounts
|
|
25,000,000
|
20.Purchase price = 2,500,000 * 2.35 = 5,875,000
|
|
Debit
|
Credit
|
|
Patents
|
5,875,000
|
|
|
Bank accounts
|
|
5,875,000
|
21.
a. Rate = 1 / 15 = 0.066
|
Year
|
Beginning balance
|
Rate X 2
|
Depreciation
|
Ending balance
|
|
1
|
30,000,000
|
0.132
|
3,960,000
|
26,040,000
|
|
2
|
26,040,000
|
0.132
|
3,437,280
|
22,602,720
|
|
3
|
22,602,720
|
0.132
|
2,983,559
|
19,619,161
|
b.
|
|
Debit
|
Credit
|
|
Selling, maketing, and delivery expenses
|
2,983,559
|
|
|
Accumulated amortization
|
|
2,983,559
|
c. 30,000,000 / 15 = 2,000,000 TL.
22.
|
|
Debit
|
Credit
|
|
B’s assets
|
280,000,000
|
|
|
Goodwill
|
40,000,000
|
|
|
B’s liabilities
|
|
180,000,000
|
|
Bank accounts
|
|
140,000,000
|