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What the entry on april in the book of first entry will be

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Problem 1: On 1 March 2020, SA Attorneys (a registered VAT vendor and VAT is charged at 15%) received a loan of R230 000 from SA Bank. Interest is charged at 8% per annum and the loan is repayable in monthly instalments of R5 000. The interest payable on the loan was already recorded on 31 March 2020. On 1 April 2020, SA Attorneys paid the first instalment with an EFT. The entry on 1 April 2020 in the book of first entry will be:

A. In the bank column - R5 000; and in the Creditors column - R5 000

B. In the bank column - R5 000; and in the Sundries column - Loan: SA Bank - R5 000

C. In the bank column - R5 000; in the VAT input column - R625; and in the Sundries column - Loan: SA Bank - R4 375

D. In the bank column - R5 000; and in the Debtors column - R5 00

Reference no: EM132992600

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