In a VAT-registered traders books and assuming the VAT rate of 17.5% unless advised otherwise. Payment by
Question:
In a VAT-registered trader’s books and assuming the VAT rate of 17.5% unless advised otherwise.
Payment by cheque of £5,640 for customer entertainment should be accounted for as:
(a) Debit Customer entertainment account £5,640, credit Bank account £5,640
(b) Debit Customer entertainment account £4,800, credit Bank account £4,800
(c) Debit Customer entertainment account £4,800, debit VAT a/c £840, credit Bank account £5,640
(d) Debit Customer entertainment account £5,640, credit VAT a/c £840, credit Bank account £4,800
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a Debit Custo...View the full answer
Answered By
Simon kingori
I am a tier-one market researcher and content developer who has been in this field for the last six years. I’ve run the freelancing gamut; from market research, data mining and SEO/SMM to copywriting, Content Development, you name it, I’ve done it. I’m extremely motivated, organized and disciplined – you have to be to work from home. My experience in Freelancing is invaluable- but what makes me a cut above the rest is my passion to deliver quality results to all my clients- it’s important to note, I've never had a dissatisfied client. Backed by a Masters degree in Computer Science from MOI university, I have the required skill set and burning passion and desire to deliver the best results for my clients. This is the reason why I am a cut above the rest. Having taken a Bsc. in computer science and statistics, I deal with all round fields in the IT category. It is a field i enjoy working in as it is dynamic and new things present themselves every day for research and exploration.
1+ Reviews
10+ Question Solved
Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
Question Posted:
