Post Utme Christopher University 2018 Accounting Question 4

Practice objective / multiple choice question 4 from the 2018 Post Utme Christopher University Accounting examination.

Post Utme Christopher University 2018 Accounting Objective / Multiple Choice
Question 4 POST_UTME_CHRISTOPHER_UNIVERSITY • 2018 • ACCOUNTING • objective

A company uses the cash book system of accounting. The company's cash book shows a debit balance of ₦30,000. The company's bank statement shows a credit balance of ₦40,000 for the same account. What is the correct journal entry to rectify the discrepancy?

Answer Options

A. Debit Cash ₦30,000, Credit Profit and Loss Account ₦30,000
Correct Answer B. Debit Profit and Loss Account ₦30,000, Credit Cash ₦30,000
C. Debit Cash ₦40,000, Credit Profit and Loss Account ₦40,000
D. Debit Profit and Loss Account ₦40,000, Credit Cash ₦40,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦30,000, Credit Cash ₦30,000

About This Question

This is Post Utme Christopher University 2018 Accounting Question 4. It is one of the objective questions from the 2018 Post Utme Christopher University Accounting examination.

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