Africa Traders is a registered VAT vendor and the current VAT rate is 15%. No. 0001 Received from: Amount: Rand Cent: For: Signature: Mr A Africa Hundred and forty thousand rand only None Capital contribution by the owner S Africa Date: 2 January 2021 (electronic funds transfer) R 140 000 00 Africa Traders Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source document? Select one: O a. Debit the Bank account with R140 000, and credit the VAT output account with R18 260,87 and the Capital account with R121 739,13. O b. Debit the Capital account with R140 000, and credit the Bank account with R140 000. O c. Debit the VAT output account with R18 260,87 and the Capital account with R121 739,13, and credit the Bank account with R140 000. O d. Debit the Bank account with R140 000, and credit the Capital account with R140 000.

Africa Traders is a registered VAT vendor and the current VAT rate is 15%. No. 0001 Received from: Amount: Rand Cent: For: Signature: Mr A Africa Hundred and forty thousand rand only None Capital contribution by the owner S Africa Date: 2 January 2021 (electronic funds transfer) R 140 000 00 Africa Traders Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source document? Select one: O a. Debit the Bank account with R140 000, and credit the VAT output account with R18 260,87 and the Capital account with R121 739,13. O b. Debit the Capital account with R140 000, and credit the Bank account with R140 000. O c. Debit the VAT output account with R18 260,87 and the Capital account with R121 739,13, and credit the Bank account with R140 000. O d. Debit the Bank account with R140 000, and credit the Capital account with R140 000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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