Post Utme Covenant University 2018 Accounting Question 37

Practice objective / multiple choice question 37 from the 2018 Post Utme Covenant University Accounting examination.

Post Utme Covenant University 2018 Accounting Objective / Multiple Choice
Question 37 POST_UTME_COVENANT_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance showed an error of ₦10,000 due to an incorrect posting of a debit entry. The error was discovered during the preparation of the balance sheet. Prepare the necessary journal entry to correct the error.

Answer Options

A. Debit Cash ₦10,000, Credit Profit and Loss Account ₦10,000
Correct Answer B. Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000
C. Debit Profit and Loss Account ₦10,000, Credit Bank ₦10,000
D. Debit Bank ₦10,000, Credit Profit and Loss Account ₦10,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000

About This Question

This is Post Utme Covenant University 2018 Accounting Question 37. It is one of the objective questions from the 2018 Post Utme Covenant University Accounting examination.

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