O-LevelAccountingAccounting procedures7707/11 · May/June 2024 · Q151 Mark

The following ledger account appeared in the books of a trader. Rent receivable account $ $ 2020 2020 Dec 31 balance c/d 600 Jan 1 balance b/d 400 Dec 31 bank 3600 Which entry was made in the income statement for the year ended 31 December 2020 for rent receivable?

A$3400 credit

B$3400 debit

C$3800 credit

D$3800 debit

✓ Correct answer

A: $3400 credit

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting procedures and see which topics are most likely to come up next.

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2024 Paper 1 Variant 1, question 15.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Hassan maintains a sales journal, purchases journal, sales returns journal and a purchases returns journal. At the e…

Ann is a trader. On 1 April 2011 Cindy's account in Ann's ledger showed a credit balance of $520. The following trans…

Azad maintains a ledger account for general expenses. On 1 January there was a prepayment of $176. On 31 December th…

A trial balance fails to agree. The credit column totals $10 000. Two errors are then found. The sales journal has b…

Winston decides to write off a debt due to him from Leroy for goods sold on credit. How is this recorded in Winston'…

Motor repairs of $250 have been posted in error to the motor vehicles account. What is the effect on the financial s…