Post Utme Coal City University 2018 Accounting Question 11

Practice objective / multiple choice question 11 from the 2018 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2018 Accounting Objective / Multiple Choice

Question 11 POST_UTME_COAL_CITY_UNIVERSITY • 2018 • ACCOUNTING • objective

A company uses the single entry system. The following transactions were recorded during the year: Purchase of goods for ₦120,000, Sale of goods for ₦180,000, and Payment of ₦30,000 to a creditor. Prepare the ledger accounts for the company.

Answer Options

A. Purchase Ledger: Debit: ₦120,000, Credit: ₦0; Sales Ledger: Debit: ₦0, Credit: ₦180,000; Creditor Ledger: Debit: ₦0, Credit: ₦30,000

B. Purchase Ledger: Debit: ₦0, Credit: ₦120,000; Sales Ledger: Debit: ₦180,000, Credit: ₦0; Creditor Ledger: Debit: ₦30,000, Credit: ₦0

Correct Answer C. Purchase Ledger: Debit: ₦120,000, Credit: ₦0; Sales Ledger: Debit: ₦0, Credit: ₦180,000; Creditor Ledger: Debit: ₦0, Credit: ₦30,000

D. Purchase Ledger: Debit: ₦0, Credit: ₦120,000; Sales Ledger: Debit: ₦180,000, Credit: ₦0; Creditor Ledger: Debit: ₦30,000, Credit: ₦0

Correct Answer

Correct Option:

Purchase Ledger: Debit: ₦120,000, Credit: ₦0; Sales Ledger: Debit: ₦0, Credit: ₦180,000; Creditor Ledger: Debit: ₦0, Credit: ₦30,000

About This Question

This is Post Utme Coal City University 2018 Accounting Question 11. It is one of the objective questions from the 2018 Post Utme Coal City University Accounting examination.

View More Post Utme Coal City University 2018 Accounting Questions More Post Utme Coal City University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support