ITAA Bekwaamheidsexamen Accountant Practice Questions - ITAA Certified Accountant Proficiency Exam (Bekwaamheidsexamen Gecertificeerd Accountant) Exam

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A Belgian BV buys goods on credit for EUR 10,000 exclusive of 21% VAT. Which double-entry is correct in the purchaser's books (VAT fully deductible)?
Correct Answer:
Debit purchases EUR 10,000, debit recoverable VAT EUR 2,100; credit trade payables EUR 12,100

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