Post Utme Coal City University 2018 Accounting Question 15

Practice objective / multiple choice question 15 from the 2018 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2018 Accounting Objective / Multiple Choice
Question 15 POST_UTME_COAL_CITY_UNIVERSITY • 2018 • ACCOUNTING • objective

A company uses the double 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
C
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 15. 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