Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

South Attorneys (registered VAT vendor) sent the following account statement to the instructing attorneys, Africa Attorneys (registered VAT vendor) Account statement South Attorneys Africa Attorneys

image text in transcribed
image text in transcribed
South Attorneys (registered VAT vendor) sent the following account statement to the instructing attorneys, Africa Attorneys (registered VAT vendor) Account statement South Attorneys Africa Attorneys PO Box 12124 Tshwane PO Box 555 Stanger 31 May 2020 R R 24 500 285 520 210 49 Collection - A South vs West Sheriff costs Fee for receiving instruction Fee for preparation of summons Correspondence fee Fee for drafting of admission of guilt Collection commission Your , share of fees VAT @ 15% Electronic fund transfer to yourselves 70 1 000 616 2 2 The Bookkeeper of Africa Attorneys has recorded the above in the business cash receipts journal of Africa Attorneys as follows: Business cash receipts journal for May 2020 BCRJS Date Details Fol. Clients Bank R R 31/05 Trust bank account - transfer 616 (A South vs West) Which one of the following statements is correct regarding the recording of the transaction in the business cash receipts journal of Africa Attorneys? 500 285 520 210 49 Sheriff costs Fee for receiving instruction Fee for preparation of summons Correspondence fee Fee for drafting of admission of guilt Collection commission Your share of fees VAT @ 15% Electronic fund transfer to yourselves 70 1 000 616 2 2 ? The Bookkeeper of Africa Attorneys has recorded the above in the business cash receipts journal of Africa Attorneys as follows: Business cash receipts journal for May 2020 BCRJ5 Date Details Fol. Clients Bank R R 31/05 Trust bank account - transfer 616 (A South vs West) Which one of the following statements is correct regarding the recording of the transaction in the business cash receipts journal of Africa Attorneys? . A. The transaction is recorded incorrectly because it should have been recorded in the trust cash receipts journal . B. The transaction is recorded correctly. C. The transaction is recorded incorrectly because VAT of 15% was not taken into consideration D. The transaction is recorded incorrectly because it should have been recorded in the business cash payments journal Reset Selection

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Business And The New Realities

Authors: S. Tamer Cavusgil, Gary Knight, John R. Riesenberger

2nd Edition

9780131738607, 131738607, 978-0136090984

More Books

Students also viewed these Accounting questions

Question

LO3 Describe the two most common methods of applying for a job.

Answered: 1 week ago

Question

LO1 Explain the strategic importance of the recruitment function.

Answered: 1 week ago