Post Utme Al Hikmah University 2024 Accounting Question 20

Practice objective / multiple choice question 20 from the 2024 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2024 Accounting Objective / Multiple Choice
Question 20 POST_UTME_AL-HIKMAH_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trading account shows a profit of ₦150,000. The company's profit and loss account shows a profit of ₦200,000. What is the correct journal entry to rectify the discrepancy?

Answer Options

A. Debit Trading A/c ₦50,000, Credit Profit and Loss A/c ₦50,000
Correct Answer B. Debit Profit and Loss A/c ₦50,000, Credit Trading A/c ₦50,000
C. Debit Trading A/c ₦50,000, Credit Profit and Loss A/c ₦50,000
D. Debit Profit and Loss A/c ₦50,000, Credit Trading A/c ₦50,000
Correct Answer
B
Correct Option:
Debit Profit and Loss A/c ₦50,000, Credit Trading A/c ₦50,000

About This Question

This is Post Utme Al Hikmah University 2024 Accounting Question 20. It is one of the objective questions from the 2024 Post Utme Al Hikmah University Accounting examination.

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