O-LevelAccountingSources and recording of data7707/13 · Oct/Nov 2021 · Q21 Mark

Hassan is a trader. During the financial year he took goods from the business for his own use. How should he record this?

Adebit: drawings, credit: inventory

Bdebit: drawings, credit: purchases

Cdebit: income statement, credit: inventory

Ddebit: income statement, credit: purchases

✓ Correct answer

B: debit: drawings, credit: purchases

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2021 Paper 1 Variant 3, question 2.

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