O-LevelAccountingSources and recording of data7707/12 · Oct/Nov 2012 · Q31 Mark

On 1 January Tan, a sole trader, lent Chan $4000. On 1 November Chan repaid part of the loan leaving an amount outstanding of $1000. Which entry was made in the accounts of Tan on 1 November? account to be debited $ account to be credited $ A bank 1000 Chan loan 1000 B bank 3000 Chan loan 3000 C Chan loan 1000 bank 1000 D Chan loan 3000 bank 3000

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Abank 1000 Chan loan 1000

Bbank 3000 Chan loan 3000

CChan loan 1000 bank 1000

DChan loan 3000 bank 3000

✓ Correct answer

B: bank 3000 Chan loan 3000

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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 2012 Paper 1 Variant 2, question 3.

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