O-LevelAccountingSources and recording of data7707/12 · May/June 2016 · Q61 Mark

The following account appeared in Amna's ledger. Syed account date | details | debit $ | credit $ | balance $ Sept 1 | Balance b/d | | | 400 dr 14 | Sales | 600 | | 1000 dr 26 | Bank | | 390 | 610 dr 26 | Discount | | 10 | 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 2, question 6.

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