Post Utme Al Hikmah University 2024 Accounting Question 21

Practice objective / multiple choice question 21 from the 2024 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2024 Accounting Objective / Multiple Choice
Question 21 POST_UTME_AL-HIKMAH_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's balance sheet shows a total asset value of ₦500,000. 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 Asset A/c ₦300,000, Credit Profit and Loss A/c ₦300,000
Correct Answer B. Debit Profit and Loss A/c ₦300,000, Credit Asset A/c ₦300,000
C. Debit Asset A/c ₦300,000, Credit Profit and Loss A/c ₦300,000
D. Debit Profit and Loss A/c ₦300,000, Credit Asset A/c ₦300,000
Correct Answer
B
Correct Option:
Debit Profit and Loss A/c ₦300,000, Credit Asset A/c ₦300,000

About This Question

This is Post Utme Al Hikmah University 2024 Accounting Question 21. It is one of the objective questions from the 2024 Post Utme Al Hikmah University Accounting examination.

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