Post Utme Christopher University 2018 Accounting Question 5

Practice objective / multiple choice question 5 from the 2018 Post Utme Christopher University Accounting examination.

Post Utme Christopher University 2018 Accounting Objective / Multiple Choice
Question 5 POST_UTME_CHRISTOPHER_UNIVERSITY • 2018 • ACCOUNTING • objective

A company uses the single entry system of accounting. The company's cash book shows a debit balance of ₦25,000. The company's trial balance shows a credit balance of ₦35,000 for the same account. What is the correct journal entry to rectify the discrepancy?

Answer Options

A. Debit Cash ₦25,000, Credit Profit and Loss Account ₦25,000
B. Debit Profit and Loss Account ₦25,000, Credit Cash ₦25,000
C. Debit Cash ₦35,000, Credit Profit and Loss Account ₦35,000
Correct Answer D. Debit Profit and Loss Account ₦35,000, Credit Cash ₦35,000
Correct Answer
D
Correct Option:
Debit Profit and Loss Account ₦35,000, Credit Cash ₦35,000

About This Question

This is Post Utme Christopher University 2018 Accounting Question 5. It is one of the objective questions from the 2018 Post Utme Christopher University Accounting examination.

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