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Shine Bright LLC Provided Services From UAE
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Assignment Task
Questions
1.From the following balance of “Shine Bright LLC”, Prepare Trial balance as of 31st December 2022
| Accounts Title | Amount (AED) | Accounts Title | Amount (AED) |
| Stock (01.01.2022) | 3,000 | Cash at Bank | 700 |
| Sales | 14,900 | Return Inward | 200 |
| Purchase | 4,000 | Discount Received | 100 |
| Debtors | 2,000 | Bad Debts | 300 |
| Creditors | 6,000 | Stock (31.12.2022) | 1,500 |
| Salary | 1,000 | Tax & Rates | 100 |
| Commission | 500 | Depreciation | 200 |
| Building | 5,000 | Furniture | 3000 |
2. Owner paid for company expense from his Personal Credit Card. Invoice Amount is AED 1000 and bank charge 5% as credit card charges. How will you record in your books?
3. Assume that we have issued one of our customers an invoice whose currency is USD and since we get payments using Payment Gateway, we received payments in AED. Accounting software does not allow to record payment in AED against invoice which has USD as currency. How will you record this payment and allocate against invoice to close it?
4. Shine Bright LLC provided services from UAE to Other GCC. What will be the treatment of VAT in Following cases?
5. From the data given below, please calculate tax amount as per UAE Corporate Tax Law assuming tax?
| Revenue | 120000 |
| CoGS | 25000 |
| Salary Expense | 12000 |
| Entertaiment Expense | 18000 |
| Interest Expense | 45000 |
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