Post Utme Coal City University 2021 Accounting Question 14

Practice objective / multiple choice question 14 from the 2021 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2021 Accounting Objective / Multiple Choice
Question 14 POST_UTME_COAL_CITY_UNIVERSITY • 2021 • ACCOUNTING • objective

A company has the following transactions: Purchase of raw materials for ₦120,000, Purchase of finished goods for ₦180,000, Sale of goods for ₦500,000, and Payment of salaries for ₦250,000. Prepare the profit and loss account for the year ended December 31, 2022.

Answer Options

Correct Answer A. Raw Materials A/c: Dr. ₦120,000, Finished Goods A/c: Dr. ₦180,000, Sales A/c: Cr. ₦500,000, Salaries A/c: Cr. ₦250,000
B. Raw Materials A/c: Dr. ₦180,000, Finished Goods A/c: Dr. ₦120,000, Sales A/c: Cr. ₦500,000, Salaries A/c: Cr. ₦250,000
C. Raw Materials A/c: Dr. ₦120,000, Finished Goods A/c: Dr. ₦180,000, Sales A/c: Cr. ₦250,000, Salaries A/c: Cr. ₦500,000
D. Raw Materials A/c: Dr. ₦180,000, Finished Goods A/c: Dr. ₦120,000, Sales A/c: Cr. ₦250,000, Salaries A/c: Cr. ₦500,000
Correct Answer
A
Correct Option:
Raw Materials A/c: Dr. ₦120,000, Finished Goods A/c: Dr. ₦180,000, Sales A/c: Cr. ₦500,000, Salaries A/c: Cr. ₦250,000

About This Question

This is Post Utme Coal City University 2021 Accounting Question 14. It is one of the objective questions from the 2021 Post Utme Coal City University Accounting examination.

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