Post Utme Achievers University 2021 Accounting Question 3

Practice objective / multiple choice question 3 from the 2021 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2021 Accounting Objective / Multiple Choice
Question 3 POST_UTME_ACHIEVERS_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's cash book shows a credit balance of ₦20,000 in the account 'Bank'. However, the bank statement shows a debit balance of ₦15,000. What is the correct journal entry to record the correction of this error?

Answer Options

A. ₦35,000 debit to Bank and ₦35,000 credit to Cash
Correct Answer B. ₦35,000 debit to Cash and ₦35,000 credit to Bank
C. ₦20,000 debit to Bank and ₦20,000 credit to Cash
D. ₦15,000 debit to Bank and ₦15,000 credit to Cash
Correct Answer
B
Correct Option:
₦35,000 debit to Cash and ₦35,000 credit to Bank

About This Question

This is Post Utme Achievers University 2021 Accounting Question 3. It is one of the objective questions from the 2021 Post Utme Achievers University Accounting examination.

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