Day: August 5, 2023

Accounting Multiple Choice Question – 5 August 2023

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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A company makes purchases from Alex Ltd and also sells goods to Alex Ltd.

At the year-end the company owes Alex Ltd £500 and X Ltd owes Alex Ltd £750.

What are the correct entries to contra (offset) these amounts?

Select ONE answer:

  1. PLCA Debit £250 / SLCA Credit £250
  2. PLCA Debit £500 / SLCA Credit £500
  3. PLCA Debit £750 / SLCA Credit £500
  4. PLCA Debit £750 / SLCA Credit £750

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

  1. Not correct
  2. Correct
  3. Not correct
  4. Not correct

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