O-LevelAccountingAccounting procedures7707/12 · May/June 2017 · Q21 Mark

A trader made the following entries in his accounting records. [Table: debit (income statement), credit (capital account)] What did he record?

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Acapital introduced

Bcapital withdrawn

Closs for the year

Dprofit for the year

✓ Correct answer

D: profit for the year

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2017 Paper 1 Variant 2, question 2.

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