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O-LevelAccountingThe fundamentals of accounting7707/11 · Oct/Nov 2011 · Q111 Mark

There is a credit balance of $100 on Yasmin's account in Shula's purchases ledger. What does this mean?

AShula owes $100 to Yasmin
BShula has returned goods, $100, to Yasmin
CYasmin has paid $100 to Shula
DYasmin owes $100 to Shula

✓ Correct answer

A: Shula owes $100 to Yasmin

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2011 Paper 1 Variant 1, question 11.

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