Post Utme Achievers University 2025 Accounting Question 9

Practice objective / multiple choice question 9 from the 2025 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2025 Accounting Objective / Multiple Choice
Question 9 POST_UTME_ACHIEVERS_UNIVERSITY • 2025 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦ 10,000, Sold goods for ₦ 15,000, and Purchased a machine for ₦ 5,000. Prepare the profit and loss account for the above transactions.

Answer Options

Correct Answer A. Profit and Loss Account: Debit Purchases ₦10,000, Credit Sales ₦15,000
B. Profit and Loss Account: Debit Sales ₦15,000, Credit Purchases ₦10,000
C. Profit and Loss Account: Debit Machine ₦5,000, Credit Purchases ₦10,000
D. Profit and Loss Account: Debit Purchases ₦10,000, Credit Sales ₦15,000, Debit Machine ₦5,000
Correct Answer
A
Correct Option:
Profit and Loss Account: Debit Purchases ₦10,000, Credit Sales ₦15,000

About This Question

This is Post Utme Achievers University 2025 Accounting Question 9. It is one of the objective questions from the 2025 Post Utme Achievers University Accounting examination.

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