Question: Which statement is correct? 1. When recording a return outward, a debit entry is made in the Value added tax account. 2. A return outward

Which statement is correct?

1. When recording a return outward, a debit entry is made in the Value added tax account.

2. A return outward is recorded on the credit side.

3. When recording a return outward, a credit entry is made in the Value Added Tax account.

4. The contra entry for a return outward is a credit entry in the Cash/Bank account.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Practice Questions!

Q:

can I please get this in 35 Minutes thanks I only need part B and C answered ....no question is left off. The following is an extract from the trial balance of Baller co for the year ended 31...

Q:

The following is an extract from the trial balance of Polo co for the year ended 31 December 2020: The following information is relevant: 1. Polo co noted there was an error in the inventory count at...

Q:

QUESTION 1 (CLO2\&3) (Total 40 marks) The following is an extract from the trial balance of Big Tyme Company L.td for the year ended 31 December 2005. The following information is relevant: 1. The...

Q:

ATTEMPT ALL QUESTIONS EOSA - IFRS QUESTION 1 (CLO 2 & 3) (Total 40 marks) The following is an extract from the trial balance of Big Tyme Company Ltd for the year ended 31 December 2005. $000 $000...

Q:

Question 1 The following is an extract from the trial balance of Baller co for the year ended 3 1 December 2 0 1 8 : $ 0 0 0 $ 0 0 0 Revenue - 1 3 , 0 0 0 Cost of Sales 2 , 0 0 0 - Administrative...

Q:

8:49 QUESTION 1 (CLO2\&3) (Total 40 marks) The following is an extract from the trial balance of Big Tyme Company L.td for the year ended 31 December 2005. The following information is relevant: 1....

Q:

The Coltex group operates in the fragrance and cosmetics industry. On 1 January 2022 Coltex Co disposed of one of its subsidiaries, Bolt Co, for cash of $31.5m. Bolt Co manufactures jewellery and was...

Q:

The following is an extract from the trial balance of World Star Co for the year ended 31 December 2005: $000 $000 Revenue 50,000 Cost of Sales 15,000 Administrative expenses 10000 Distribution Cost...

Q:

The following is an extract from the trial balance of ABC Company Ltd for the year ended 31 December 2005. $000 $000 Revenue 30,000 Cost of Sales 12,000 Administrative expenses 11,000 Distribution...

Q:

Question 1 The following is an extract from the trial balance of Baller co for the year ended 31 December 2018: $000 $000 Revenue - 13,000 Cost of Sales 2,000 - Administrative expenses 7,800 -...

Q:

asap pls 30 min left onlyy helpp Evaluate the Improper integdor state that Rhdivergent.

Q:

The mean and the standard deviation of the sample of 40 trash bag breaking strengths in Table 1.9 are 50.575 and 1.6438, respectively. a. Use the Excel output in Figure to calculate a t-based 95...

Q:

Assume you can exchange $ 1 for either . 8 0 3 1 euro or . 6 3 9 0 . What is the cross - rate between the pound and the euro?

Q:

What do you think is your strongest component of cultural intelligence? Your weakest? How would you go about shoring up your weaknesses?