O-LevelAccountingSources and recording of data7707/11 · May/June 2019 · Q71 Mark

The following account appeared in the ledger of Chan. Fu account 2019 $ 2019 $ March 28 bank 100 March 1 balance b/d 100 31 balance c/d 250 12 purchases 250 350 350 Which statement is correct?

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AOn 1 March Chan was owed $100 by Fu.

BOn 12 March Fu purchased goods, $250, from Chan.

COn 28 March Chan paid Fu $100 by cheque.

DOn 31 March Fu owed Chan $250.

✓ Correct answer

A: On 1 March Chan was owed $100 by Fu.

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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 2019 Paper 1 Variant 1, question 7.

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