Post Utme Crawford University 2019 Accounting Question 2

Practice objective / multiple choice question 2 from the 2019 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2019 Accounting Objective / Multiple Choice
Question 2 POST_UTME_CRAWFORD_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trading account for the year ended 31st December 2022 showed a profit of ₦ 50,000. The company's balance sheet as at 31st December 2021 showed a capital of ₦ 100,000 and a profit and loss account balance of ₦ 20,000. Prepare the company's balance sheet as at 31st December 2022.

Answer Options

Correct Answer A. Capital ₦ 120,000, Profit and Loss Account ₦ 70,000
B. Capital ₦ 120,000, Profit and Loss Account ₦ 30,000
C. Capital ₦ 100,000, Profit and Loss Account ₦ 70,000
D. Capital ₦ 100,000, Profit and Loss Account ₦ 30,000
Correct Answer
A
Correct Option:
Capital ₦ 120,000, Profit and Loss Account ₦ 70,000

About This Question

This is Post Utme Crawford University 2019 Accounting Question 2. It is one of the objective questions from the 2019 Post Utme Crawford University Accounting examination.

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