Gce Model Questions Vol1 2024 Financial Accounting Question 34

Practice objective / multiple choice question 34 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 34 GCE_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

A business bought equipment costing £48{,}000 plus VAT at 20 % on credit. Record the journal entry required at the time of purchase.

Answer Options

A. Debit Equipment 48000; Debit VAT Input 9600; Credit Cash 57600
B. Debit Equipment 48000; Debit VAT Input 9600; Credit Accounts Payable 50000
C. Debit Equipment 48000; Debit VAT Input 9600; Credit Accounts Payable 48000
Correct Answer D. Debit Equipment 48000; Debit VAT Input 9600; Credit Accounts Payable 57600
Correct Answer
D
Correct Option:
Debit Equipment 48000; Debit VAT Input 9600; Credit Accounts Payable 57600

About This Question

This is Gce Model Questions Vol1 2024 Financial Accounting Question 34. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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