1. Doodle International Ltd. receives a bill for physical goods that is for another Doodle entity, Doodle Europe B.V. (a Dutch entity). The invoice is billed to Doodle International Ltd. in the amount of £800 and is inclusive of UK VAT. Given that Doodle International Ltd is a UK established entity, please explain what journal entries or actions should be made in order to record the expense and payment properly.
2. Doodle International Ltd. receives another invoice for computer servers which in this case, is billed to the correct entity. Please explain how to record UK VAT in the AP journal entry assuming the total invoice amount is £2,800.
3. An employee has submitted a meal expense via our expense reimbursement system for a meal they recently had with a colleague. Assuming the meal was a valid business expense, please explain what documentation the employee would need to provide in order to be reimbursed for this expense.
4. Please explain the general ledger impact when a bill is 1) posted to the Accounts Payable subledger and 2) when the payment is made. Please assume the bill can be directly expensed.
Any help is much appreciated!
It includes many fields in which accounting can be grouped:
Management accounting: It is used to make a helpful report for managers so that managers can take the necessary decisions to achieve the business goals.
Audit: It is based on the study of financial statements which express opinions on financial statements.
Financial accounting: Here the financial information of the organization is shared with its investors, suppliers, and regulators.
Tax accounting: It is based on the study which is related to the tax return and tax payments.
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