Which of the following statements is not correct? (1) Bank charges are not zero-rated item. (2) Input VAT is claimable on bank charges. (3) Bank charges are not exempt supply. (4) Input VAT is not claimable on bank charges. (5) Finance costs are exempt supply.
Which of the following statements is not correct? (1) Bank charges are not zero-rated item. (2) Input VAT is claimable on bank charges. (3) Bank charges are not exempt supply. (4) Input VAT is not claimable on bank charges. (5) Finance costs are exempt supply.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 5Q: Which account type is used to record bad debt estimation and is a contra account to Accounts...
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Which of the following statements is not correct?
(1) Bank charges are not zero-rated item.
(2) Input VAT is claimable on bank charges.
(3) Bank charges are not exempt supply.
(4) Input VAT is not claimable on bank charges.
(5) Finance costs are exempt supply.
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