O-LevelAccountingAccounting procedures7707/12 · May/June 2014 · Q171 Mark

A trader maintains a provision for doubtful debts of 2½%. The provision on 1 January 2013 was $250. Trade receivables on 31 December 2013 were $28000. At what value were trade receivables shown in the statement of financial position on 31 December 2013?

A$27050

B$27 300

C$27750

D$28700

✓ Correct answer

B: $27 300

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2014 Paper 1 Variant 2, question 17.

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