Bernado Limited deals in a wide variety of low-price sports goods

Subject:AccountingPrice:9.82 Bought3

Share With

Bernado Limited deals in a wide variety of low-price sports goods. Shown below is a list of transactions for the month of June 2021. Date Transaction 2 Purchased goods on credit from Manrun shoes of Sh. 96,000 3 Paid freight charges of Sh. 2,450 on the shipment of goods purchased from Manrun Shoes. 4 Upon unpacking the goods from Manrun Shoes, discovered that some of the shoes were the wrong style. Returned those shoes which cost Sh. 4,000 to Manrun Shoes and received full credit. 9 Sales made on account to Ripa Sports for Sh. 141,000. 11 Paid Sh. 2,200 freight charges on the Shipment to Ripa Sports. 12 Paid Manrun Shoes in full. 16 Made credit sales to Holiday Sports for Sh. 27,550. 19 Received payments in full from Ripa Sports. 21 Holiday Sports returned goods worth Sh. 6,500. All transactions were inclusive of VAT, the VAT rate is 16%. Required: a) Bernado Limited Value Added Tax Account for June 2021. b) If the amount calculated above is not paid on time, what penalties will be imposed