O-LevelAccountingSources and recording of data7707/12 · Oct/Nov 2018 · Q81 Mark

Lisa is a credit customer of Daniel. Her account in Daniel's ledger showed the following entries. Aug 1 balance 10 cr Aug 8 sales 300 ? On 10 August Lisa returned goods, list price $140, subject to a 20% trade discount. What was the debit balance on Lisa's account after this transaction?

A$150

B$170

C$178

D$198

✓ Correct answer

C: $178

Oracle Prep sorts past-paper questions by topic, so you can drill Sources and recording of data and see which topics are most likely to come up next.

Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2018 Paper 1 Variant 2, question 8.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

The Sandhill Golf Club has 150 members who each pay an annual subscription of $40. On 1 January 2010 subscriptions un…

Mohan is a trader. On 24 April 2011 he had a bank overdraft of $150. The following transactions took place during th…

Chan returns goods to Yeung. How is this recorded in the books of Yeung?

The difference on a trial balance was entered in a suspense account. It was later found that the purchases returns jo…

A sales ledger control account showed the following. $ opening debit balance 2000 sales 10 000 receipts from debtors …

A trader's income statement (trading and profit and loss account) showed a gross profit and a loss for the year (net …