In a VAT-registered traders books and assuming the VAT rate of 17.5% unless advised otherwise. Payment of
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In a VAT-registered trader’s books and assuming the VAT rate of 17.5% unless advised otherwise.
Payment of £35,250 by cheque for an office vehicle should be accounted for as:
(a) Debit Motor vehicles a/c £35,250, credit Bank account £35,250
(b) Debit Motor vehicles a/c £30,000, credit Bank account £30,000
(c) Debit Motor vehicles a/c £30,000, debit Vat a/c £5,250, credit Bank account £35,250
(d) Debit Motor vehicles a/c £35,250, credit Bank account £30,000, credit VAT account £5,250
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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