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O-LevelAccountingAccounting principles and policies7707/11 · May/June 2010 · Q131 Mark

A taxi firm received $500 from passengers. The firm sold a vehicle for $5000. How should these receipts be treated?

Acapital receipts - revenue receipts $5500
Bcapital receipts $500 revenue receipts $5000
Ccapital receipts $5000 revenue receipts $500
Dcapital receipts $5500 revenue receipts -

✓ Correct answer

C: capital receipts $5000 revenue receipts $500

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About this question

Topic
Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2010 Paper 1 Variant 1, question 13.

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