Post Utme Babcock University 2017 Accounting Question 26

Practice objective / multiple choice question 26 from the 2017 Post Utme Babcock University Accounting examination.

Post Utme Babcock University 2017 Accounting Objective / Multiple Choice

Question 26 POST_UTME_BABCOCK_UNIVERSITY • 2017 • ACCOUNTING • objective

A company has the following ledger accounts: Sales 100,000, Purchases 120,000. What is the correct journal entry to rectify the error?

Answer Options

A. Debit 20,000 to Profit and Loss Account, Credit 20,000 to Capital Account

B. Debit 20,000 to Capital Account, Credit 20,000 to Profit and Loss Account

Correct Answer C. Debit 20,000 to Profit and Loss Account, Credit 20,000 to Drawings Account

D. Debit 20,000 to Drawings Account, Credit 20,000 to Profit and Loss Account

Correct Answer

Correct Option:

Debit 20,000 to Profit and Loss Account, Credit 20,000 to Drawings Account

About This Question

This is Post Utme Babcock University 2017 Accounting Question 26. It is one of the objective questions from the 2017 Post Utme Babcock University Accounting examination.

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