O Level Accounting Topical Past Paper Solution - 7707 Paper 21 May/June 2024 - Q1 Full Question

In this O Level Accounting Topical Past Paper Solution for 7707 Paper 21 May/June 2024 - Q1, I cover the full question focused on sales ledger control accounts, cash discounts, and journal entries. Addo, a trader dealing exclusively on credit, had several transactions in April 2024, which included sales to trade receivables like Ava, Nuru, Mahia, and Rachel. This video explains the preparation of the sales journal, the impact of transactions like cash discounts and goods returns, and the effect of writing off irrecoverable debts.
Question Statement:
Addo's trade receivables at 1 April 2024 were $3658. His transactions for April 2024 included sales, discounts, returns, and a write-off.
REQUIRED:
(a) Prepare the sales journal for April 2024 and indicate the ledger account to which the total would be posted.
(b) Write off Rachel's debt as irrecoverable, including a narrative.
(c) Calculate the total amount received and cash discounts allowed.
(d) Prepare the sales ledger control account for April 2024.
(e) Advise on changing credit terms, providing two advantages and disadvantages.
Understanding these entries and calculations is crucial for mastering topics like sales ledger control account format, error correction, and journal entries. Don't forget to subscribe to Tutoring at Home with Sir Imran Badar for more O Level Accounting solutions and explanations, covering boards like IGCSE, CAIE, Edexcel, and ICOM. Keep visiting for more insightful tutorials!
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Time Stamps
00:20 question reading
00:40 Q1 part a Sales Journal
06:46 Q1 part b Irrecoverable Debts
08:01 Q1 part c (i) Cash Received From Customers
09:08 Q1 part c (ii) Discount Allowed
10:15 Q1 part d Sales Ledger Control Account
For more videos on all Q1 of 7707 paper 2
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