ACY(case_study)-min

A vehicle HILUX 556 was acquired on the 6 th of March 2011 for
29,812,600FCFA n VAT inclusive. An advanced of 15,000,000FCFA
has been paid two months before this date and the balance is to be
settled on the 30 th of March 2012. The vehicle was put into use on the
20 th of March 2011 the same date at which a bill of exchange was
accepted for the balance. The vehicle has a 5 years life and it is
depreciated using the straight line method.
Case 4
On the 1 st of Dec 2011, the board of directors declared that vehicle not
needed and it was on the 4 th of Dec 2011 through an agent whose
commission was 5% of the amount sold VAT exclusive. The vehicle
was sold for 25,000,000FCFA VAT exclusive.
2
5
of this amount was
paid to the company’s bank from which the commission was paid. A bill
of exchange was drawn two days later for the balance to mature in three
months and was accepted on the next day. On the same day of
acceptance PACK Plc sends this bill to be discounted by her bank. On
the 1 st of December 2011, PACK Plc. received the discounting statement
from the bank, with a discounting rate of 6% and commission and
commission of 2% on the nominal value of the bill.
Case 5
On the 2 nd of March 2011, PACK Plc. Contract an ordinary loan which
was paid into its bank account that same day of 3,600,000FCFA for
5years at the rate of 5.2% per annum. The first reimbursement takes
place one year from this date.
REQUIRED
i) Record the transaction described in case one, two and three.