The Sales Day Book formatted with a separate column to record VAT reports 485,000 in the column
Question:
The Sales Day Book formatted with a separate column to record VAT reports £485,000 in the column that is posted to the Sales account and VAT rate is 17.5%. How and at what amount will the related VAT be posted?
(a) £84,875 as a debit
(b) £84,875 as a credit
(c) £485,000 as a credit
(d) £569,875 as a credit
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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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