O-LevelAccountingAccounting procedures7707/11 · May/June 2020 · Q241 Mark

Harry and Jane are in partnership. The following information relates to Harry for the financial year. $ salary 8000 drawings 2800 share of profit 4600 The opening credit balance on Harry's current account was $28200. What was the closing balance on his current account?

A$30000

B$38000

C$40 800

D$43600

✓ Correct answer

B: $38000

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2020 Paper 1 Variant 1, question 24.

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