True/False
Rick bought a car for use in the company costing £5,000 on 31 December 2021. He took out a business loan for this on 31 December 2021.
The double entry for the purchase of van is:
Increase the expense a/c = DEBIT LOAN ACCOUNT A/C £5,000
Increase liability a/c = CREDIT MOTOR VEHICLES A/C £5,000
Correct Answer:
Verified
Correct Answer:
Verified
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