Post Utme Covenant University 2018 Accounting Question 39

Practice objective / multiple choice question 39 from the 2018 Post Utme Covenant University Accounting examination.

Post Utme Covenant University 2018 Accounting Objective / Multiple Choice
Question 39 POST_UTME_COVENANT_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's single entry system showed a balance of ₦80,000 in the assets account. However, the trial balance showed a balance of ₦90,000. Prepare the necessary journal entry to correct the error.

Answer Options

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

About This Question

This is Post Utme Covenant University 2018 Accounting Question 39. It is one of the objective questions from the 2018 Post Utme Covenant University Accounting examination.

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