Post Utme Afe Babalola University 2018 Accounting Question 16

Practice objective / multiple choice question 16 from the 2018 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2018 Accounting Objective / Multiple Choice
Question 16 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2018 • ACCOUNTING • objective

A company uses the single entry system for its accounting records. The company's cash book shows a debit balance of ₦15,000. The company's bank statement shows a credit balance of ₦20,000. What is the correct journal entry to reconcile the cash book and bank statement?

Answer Options

A. ₦15,000 debit to Bank and ₦20,000 credit to Cash
Correct Answer B. ₦20,000 debit to Bank and ₦15,000 credit to Cash
C. ₦35,000 debit to Bank and ₦0 credit to Cash
D. ₦0 debit to Bank and ₦35,000 credit to Cash
Correct Answer
B
Correct Option:
₦20,000 debit to Bank and ₦15,000 credit to Cash

About This Question

This is Post Utme Afe Babalola University 2018 Accounting Question 16. It is one of the objective questions from the 2018 Post Utme Afe Babalola University Accounting examination.

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