By P. Stevens
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B) The VAT account has been debited with a certain sum of money. 48 (i) Does this indicate the government is a debtor to R. Elkins? (ii) How, under normal trading practice, will R. Elkins recover the amounts paid for VAT to suppliers? 2 (a) Purchase day book Date May 15 May 15 May 15 Whitfield Manufacturing Co. Ltd Marketing Co. 00 (i) Credit to supplier's personal account. (ii) Debit to purchases account. (iii) Debit to VAT account. M. Customs and Excise will be a debtor for the amount in (a) (iii).
2 that capital is a liability account and, in the widest sense of the word, it is a liability representing the liability of the business to the owner. In other words, it is the owner's investment in the business. Because of this latter definition, often, when we talk about liabilities, we mean only liabilities to third parties and not the owner's capital account. As we have already seen, an entry is made to the capital account when the owner introduces capital into the business. In Chapter 3 we saw another instance requiring a posting to the capital account- that is, when the profit and loss account is closed and the balance is transferred to the owner's capital account.
Prince on credit Purchased goods from R. Knight on credit 11 Paid T. Dukes a/c by cheque in full settlement 14 Cash sales for week Paid cash into bank Cash drawings by J. Jones Purchases from B. Prince on credit 18 Paid B. Prince by cheque Paid R. Knight by cheque, on account 19 Sales to J. Lord on credit 21 Cash sales for week Paid cash into bank 23 Purchases from R. Knight on credit 24 Bought cash register from ABC Ltd for credit 25 J. Lord settled his account by cheque (less 10 per cent discount) 28 Cash sales for week Paid into bank Drawings by cheque- J.