O-LevelAccountingAccounting procedures7707/12 · May/June 2012 · Q61 Mark

A trader posts the total of her purchases returns journal to the ledger at the end of each month. On 30 April 2012 the purchases returns journal showed the following totals. gross $ trade discount $ net $ April 30 totals for month 1200 240 960 Which entry should be made in the purchases returns account on 30 April 2012?

Acredit $960

Bcredit $1200

Cdebit $960

Ddebit $1200

✓ Correct answer

A: credit $960

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2012 Paper 1 Variant 2, question 6.

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