O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2020 · Q261 Mark

A trader has not maintained a full set of accounting records. How can she calculate the credit sales for the year?

Areceipts from credit customers + closing trade receivables – discount allowed – opening trade receivables

Breceipts from credit customers – closing trade receivables + discount allowed + opening trade receivables

Creceipts from credit customers – closing trade receivables – discount allowed + opening trade receivables

Dreceipts from credit customers + closing trade receivables + discount allowed – opening trade receivables

✓ Correct answer

D: receipts from credit customers + closing trade receivables + discount allowed – opening trade receivables

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2020 Paper 1 Variant 2, question 26.

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