Post Utme Abu 2019 Accounting Question 6

Practice objective / multiple choice question 6 from the 2019 Post Utme Abu Accounting examination.

Post Utme Abu 2019 Accounting Objective / Multiple Choice
Question 6 POST_UTME_ABU • 2019 • ACCOUNTING • objective

A company has the following trial balance: Debtors: ₦250,000, Creditors: ₦150,000, Capital: ₦500,000, Profit: ₦75,000, Drawings: ₦30,000. Prepare the Trading and Profit and Loss Account for the year.

Answer Options

Correct Answer A. Trading Account: Debtors: ₦250,000, Creditors: ₦150,000, Capital: ₦500,000, Profit: ₦75,000, Drawings: ₦30,000. Profit and Loss Account: Sales: ₦625,000, Cost of Goods Sold: ₦550,000, Gross Profit: ₦75,000, Operating Expenses: ₦50,000, Net Profit: ₦25,000.
B. Trading Account: Debtors: ₦250,000, Creditors: ₦150,000, Capital: ₦500,000, Profit: ₦75,000, Drawings: ₦30,000. Profit and Loss Account: Sales: ₦625,000, Cost of Goods Sold: ₦550,000, Gross Profit: ₦75,000, Operating Expenses: ₦50,000, Net Profit: ₦25,000.
C. Trading Account: Debtors: ₦250,000, Creditors: ₦150,000, Capital: ₦500,000, Profit: ₦75,000, Drawings: ₦30,000. Profit and Loss Account: Sales: ₦625,000, Cost of Goods Sold: ₦550,000, Gross Profit: ₦75,000, Operating Expenses: ₦50,000, Net Profit: ₦25,000.
D. Trading Account: Debtors: ₦250,000, Creditors: ₦150,000, Capital: ₦500,000, Profit: ₦75,000, Drawings: ₦30,000. Profit and Loss Account: Sales: ₦625,000, Cost of Goods Sold: ₦550,000, Gross Profit: ₦75,000, Operating Expenses: ₦50,000, Net Profit: ₦25,000.
Correct Answer
A
Correct Option:
Trading Account: Debtors: ₦250,000, Creditors: ₦150,000, Capital: ₦500,000, Profit: ₦75,000, Drawings: ₦30,000. Profit and Loss Account: Sales: ₦625,000, Cost of Goods Sold: ₦550,000, Gross Profit: ₦75,000, Operating Expenses: ₦50,000, Net Profit: ₦25,000.

About This Question

This is Post Utme Abu 2019 Accounting Question 6. It is one of the objective questions from the 2019 Post Utme Abu Accounting examination.

View More Post Utme Abu 2019 Accounting Questions More Post Utme Abu Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support