Africa Traders is a registered VAT vendor and the current VAT rate is 15%. No. 0001 Date: 5 January 2021 Received from: Mr S Zulu R c Amount: Rand Ten thousand rand only Cent: None 10 000 00 For: Settlement of account (electronic funds transfer) Africa Traders Signature: S Africa 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: a. Debit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65, and credit the Bank account with R10 000. b. Debit the Bank account with R10 000, and credit the trade receivables control account with R10 000. c. Debit the Bank account with R10 000, and credit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65. d. Debit the trade receivables control account with R10 000, and credit the Bank account with R10 000.
Africa Traders is a registered VAT vendor and the current VAT rate is 15%.
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No. 0001 |
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Date: 5 January |
2021 |
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Received from: Mr S Zulu |
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R |
c |
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Amount: Rand |
Ten thousand rand only |
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Cent: |
None |
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10 000 |
00 |
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For: |
Settlement of account |
(electronic funds transfer) |
Africa Traders |
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Signature: |
S Africa |
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Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source document?
Debit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65, and credit the Bank account with R10 000.
Debit the Bank account with R10 000, and credit the trade receivables control account with R10 000.
Debit the Bank account with R10 000, and credit the VAT output account with R1 304,35 and the trade receivables control account with R8 695,65.
Debit the trade receivables control account with R10 000, and credit the Bank account with R10 000.
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