O-LevelAccountingSources and recording of data7707/12 · Oct/Nov 2014 · Q101 Mark

On 15 April, Kalou made the following entries in his accounts. debit bank account $228 discount allowed account $12; credit Droghba account $240. Which transaction was being recorded?

ADroghba paid Kalou by cheque after taking a cash discount.

BDroghba paid Kalou by cheque after taking a trade discount.

CKalou paid Droghba by cheque after taking a cash discount.

DKalou paid Droghba by cheque after taking a trade discount.

✓ Correct answer

A: Droghba paid Kalou by cheque after taking a cash discount.

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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 2014 Paper 1 Variant 2, question 10.

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