The following balances have been taken from the accounts of RB, a trader.

1 April 2021 31 March 2022
$ $
Insurance 2500 prepaid 850 prepaid
Commission receivable 700 owing 630 owing

The following transactions relate to the year ended 31 March 2022. All receipts and payments were through the bank account.

Insurance paid $15300
Insurance refund $600
Commission receivable $7200

Q: What topic does this question test?

This question tests Accounting procedures in O-Level Accounting (syllabus code 7707). It is worth 20 marks.

Q: Which exam paper is this question from?

This question appeared in the Cambridge O-Level Accounting Oct/Nov 2022 examination, Paper 2 Variant 3 (7707_w22_qp_23.pdf).

Question

The following balances have been taken from the accounts of RB, a trader.

1 April 2021           31 March 2022
                                       $                     $
Insurance                             2500 prepaid           850 prepaid
Commission receivable                   700 owing            630 owing

The following transactions relate to the year ended 31 March 2022. All receipts and payments were through the bank account.

Insurance paid                        $15300
Insurance refund                      $600
Commission receivable                 $7200

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