O-LevelAccountingSources and recording of data7707/12 · Oct/Nov 2011 · Q211 Mark

A partnership agreement states that interest on drawings will be charged. How is this recorded? debit credit A appropriation account partners' current accounts B bank account partners' current accounts C partners' current accounts appropriation account D partners' current accounts bank account

Aappropriation account debit, partners' current accounts credit

Bbank account debit, partners' current accounts credit

Cpartners' current accounts debit, appropriation account credit

Dpartners' current accounts debit, bank account credit

✓ Correct answer

C: partners' current accounts debit, appropriation account credit

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 2011 Paper 1 Variant 2, question 21.

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