Post Utme Abu 2018 Accounting Question 22

Practice objective / multiple choice question 22 from the 2018 Post Utme Abu Accounting examination.

Post Utme Abu 2018 Accounting Objective / Multiple Choice
Question 22 POST_UTME_ABU • 2018 • ACCOUNTING • objective

A trader's trial balance as at 31st December, 2022, showed the following balances: Purchases ₦150,000, Sales ₦200,000, Returns Outwards ₦5,000, Returns Inwards ₦3,000, Discounts Allowed ₦2,000, Discounts Received ₦1,000, Wages ₦10,000, Salaries ₦8,000, Rent ₦5,000, and Depreciation ₦3,000. Prepare the trading and profit and loss account for the year.

Answer Options

Correct Answer A. Trading Account: ₦45,000; Profit and Loss Account: ₦32,000
B. Trading Account: ₦40,000; Profit and Loss Account: ₦30,000
C. Trading Account: ₦50,000; Profit and Loss Account: ₦35,000
D. Trading Account: ₦55,000; Profit and Loss Account: ₦40,000
Correct Answer
A
Correct Option:
Trading Account: ₦45,000; Profit and Loss Account: ₦32,000

About This Question

This is Post Utme Abu 2018 Accounting Question 22. It is one of the objective questions from the 2018 Post Utme Abu Accounting examination.

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