Post Utme Bowen University 2021 Accounting Question 37

Practice objective / multiple choice question 37 from the 2021 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2021 Accounting Objective / Multiple Choice
Question 37 POST_UTME_BOWEN_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance at the end of the year shows the following balances: ₦100,000 in the cash account, ₦50,000 in the accounts payable account, and ₦20,000 in the loan payable account. Prepare the company's balance sheet at the end of the year, assuming that the company uses the double entry system.

Answer Options

Correct Answer A. ₦100,000 in cash, ₦50,000 in accounts payable, ₦20,000 in loan payable
B. ₦100,000 in cash, ₦50,000 in accounts payable, ₦20,000 in bank loan
C. ₦100,000 in cash, ₦50,000 in accounts payable, ₦20,000 in loan due
D. ₦100,000 in cash, ₦50,000 in accounts payable, ₦20,000 in bank overdraft
Correct Answer
A
Correct Option:
₦100,000 in cash, ₦50,000 in accounts payable, ₦20,000 in loan payable

About This Question

This is Post Utme Bowen University 2021 Accounting Question 37. It is one of the objective questions from the 2021 Post Utme Bowen University Accounting examination.

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