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Africa Traders is a registered VAT vendor and the current VAT rate is 15%. Which account will be debited and which account will be credited
Africa Traders is a registered VAT vendor and the current VAT rate is 15%. Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source docun Select one: 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 . b. Debit the Capital account with R140 000, and credit the Bank account with R140 000 . 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. 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%. Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above source docun Select one: 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 . b. Debit the Capital account with R140 000, and credit the Bank account with R140 000 . 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. d. Debit the Bank account with R140 000, and credit the Capital account with R140 000
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