Bookkeeping Transaction - Double-entry Bookkeeping + Credit Sales

A bank payment for electricity will be posted as:

• DR Bank, CR Electricity

• DR Electricity, CR Bank

• DR Bank, DR Electricity

• CR Bank, CR Electricity

Rental income has been received into the business bank account. What is the double-entry posting for this transaction?

• DR Bank, CR Rental Income

• CR Bank, CR Rental Income

• DR Bank, DR Rental Income

• DR Rental Income, CR Bank

Good purchased for £200 (net). What is the VAT on this transaction (assuming a standard rate of 20% VAT)?

• £200

• £20

• £40

• £240

Goods have been returned. The total value of the goods returned are £300 (inc VAT). What is the VAT amount for this transaction?

• £60

• £30

• £240

• £50

Good have been sold on credit for £1,000 (exc VAT). What is the double-entry bookkeeping transaction to record this in the general ledger?

• DR Bank £1,200, CR Sales £1,000, CR VAT 200

• DR SLCA £1,000, CR Sales, £1,200, CR VAT £200

• DR SLCA £1,200, CR Sales £1,000, CR VAT £200

• CR SLCA £1,200, DR Sales £1,000, DR VAT £200

Goods sold on credit for £20 (exc VAT) have been returned by the customer. What will the entry in the general ledger to record this return?

• DR SLCA £24, CR VAT £4, CR Sales Returns £20

• DR Sales Returns £20, DR VAT £4, CR SLCA £24

• DR Sales Returns £24, DR VAT £4, CR SLCA £20

• DR SLCA £20, CR VAT £4, CR Sales £24

A customer (B.Smith) has purchased goods on credit for £40,000 (exc VAT). What will be the entry in the sales ledger to record this

• DR B.Smith a/c £40,000

• CR B.Smith a/c £40,000

• DR B.Smith a/c £48,000

• CR B.Smith a/c £48,000

A customer has sent a payment to pay of an outstanding amount (goods sold originally on credit). What will be the entry in the general ledger to record this payment for the goods? The goods total was £1,000 + VAT

• DR SLCA £1,200, CR Bank £1,200

• DR Bank £1,200, CR SLCA £1,200

• DR SLCA £1,000, CR Bank £1,000

• DR Bank £1,000, CR SLCA £1,000