O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2014 · Q221 Mark

Candy and Abel are in partnership. Abel made a loan to the partnership. How will the annual interest on the loan be recorded?

AAbel current account, appropriation account

BAbel current account, income statement

Cappropriation account, Abel current account

Dincome statement, Abel current account

✓ Correct answer

D: income statement, Abel current account

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2014 Paper 1 Variant 2, question 22.

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