Post Utme Coal City University 2018 Accounting Question 3

Practice objective / multiple choice question 3 from the 2018 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2018 Accounting Objective / Multiple Choice
Question 3 POST_UTME_COAL_CITY_UNIVERSITY • 2018 • ACCOUNTING • objective

A company, XYZ Ltd, has the following transactions during the year: Purchase of goods 100,000; Sale of goods 150,000; Wages 20,000; Rent 10,000. Prepare the trading account, profit and loss account and balance sheet.

Answer Options

Correct Answer A. Trading Account: 50,000; Profit and Loss Account: 30,000; Balance Sheet: 180,000 180,000
B. Trading Account: 50,000; Profit and Loss Account: 20,000; Balance Sheet: 160,000 160,000
C. Trading Account: 40,000; Profit and Loss Account: 30,000; Balance Sheet: 170,000 170,000
D. Trading Account: 40,000; Profit and Loss Account: 20,000; Balance Sheet: 160,000 160,000
Correct Answer
A
Correct Option:
Trading Account: 50,000; Profit and Loss Account: 30,000; Balance Sheet: 180,000 180,000

About This Question

This is Post Utme Coal City University 2018 Accounting Question 3. It is one of the objective questions from the 2018 Post Utme Coal City University Accounting examination.

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