O-LevelAccountingSources and recording of data7707/11 · May/June 2016 · Q61 Mark

The following account appeared in Amna's ledger. [Syed account table: Sept 1 Balance b/d $400 dr; Sept 14 Sales $600 debit, $1000 dr; Sept 26 Bank $390 credit, $610 dr; Sept 26 Discount $10 credit, $600 dr] Which statement is true?

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AOn 1 September Amna owed Syed $400.

BOn 14 September Syed purchased goods, $600, on credit from Amna.

COn 26 September Amna paid Syed $390 by cheque.

DOn 26 September Syed allowed $10 cash discount to Amna.

✓ Correct answer

B: On 14 September Syed purchased goods, $600, on credit from Amna.

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2016 Paper 1 Variant 1, question 6.

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