Post Utme Afe Babalola University 2024 Accounting Question 24

Practice objective / multiple choice question 24 from the 2024 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2024 Accounting Objective / Multiple Choice
Question 24 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's balance sheet shows an error of ₦5,000. The error is due to the omission of a transaction. What is the correct journal entry to rectify the error?

Answer Options

A. Debit Cash ₦5,000, Credit Profit and Loss ₦5,000
Correct Answer B. Debit Profit and Loss ₦5,000, Credit Cash ₦5,000
C. Debit Profit and Loss ₦5,000, Credit Capital ₦5,000
D. Debit Capital ₦5,000, Credit Profit and Loss ₦5,000
Correct Answer
B
Correct Option:
Debit Profit and Loss ₦5,000, Credit Cash ₦5,000

About This Question

This is Post Utme Afe Babalola University 2024 Accounting Question 24. It is one of the objective questions from the 2024 Post Utme Afe Babalola University Accounting examination.

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