Bookkeeping Transactions recap

A customer has received an invoice for £468 pounds including VAT. They take advantage of a 2% settlement discount how much will they pay?

• £468

• £9.36

• £458.64

• £477.36

What are the postings from the discount received daybook to the general ledger?

• DR Discount Received, DR VAT & CR PLCA

• DR PLCA, CR VAT and CR Discount Received

• DR Discount Allowed, DR VAT, CR SLCA

If the cashbook is part of the double entry there is no need to record any entries into the bank or cash accounts?

• True

• False

Bank interest received is an example of?

• Asset

• Liability

• Expense

• Income

Assets equal £75,000, liabilities equal £49,000 how much is capital?

• £124,000

• £75,000

• £49,000

• £26,000

When balancing a t-account the c/d and b/d should be on opposite sides?

• True

• False

What document does the customer send to the supplier to inform that of what they are paying?

• Credit note

• Invoice

• Remittance advice

• Statement of account