O-LevelAccountingSources and recording of data7707/11 · May/June 2021 · Q41 Mark

Shula's financial year ends on 31 March. On 1 April 2021 there was a credit balance of $100 on Yasmin's account in Shula's purchases ledger. What does this mean?

AShula had paid $100 to Yasmin.

BShula owed $100 to Yasmin.

CYasmin had paid $100 to Shula.

DYasmin owed $100 to Shula.

✓ Correct answer

B: Shula owed $100 to Yasmin.

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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 2021 Paper 1 Variant 1, question 4.

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