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O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2024 · Q181 Mark

What is the journal entry required to close the irrecoverable debts account at the year end?

Aaccount to be debited: income statement, account to be credited: irrecoverable debts
Baccount to be debited: irrecoverable debts, account to be credited: income statement
Caccount to be debited: irrecoverable debts, account to be credited: trade receivables
Daccount to be debited: trade receivables, account to be credited: irrecoverable debts

✓ Correct answer

A: account to be debited: income statement, account to be credited: irrecoverable debts

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About this question

Topic
Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 2, question 18.

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