Post Utme Crawford University 2025 Accounting Question 5

Practice objective / multiple choice question 5 from the 2025 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2025 Accounting Objective / Multiple Choice
Question 5 POST_UTME_CRAWFORD_UNIVERSITY • 2025 • ACCOUNTING • objective

A company's trial balance shows an error of ₦20,000. The error is due to an overstatement of an asset. Prepare the necessary journal entry to rectify the error.

Answer Options

A. Debit Profit and Loss ₦20,000, Credit Asset ₦20,000
Correct Answer B. Debit Asset ₦20,000, Credit Profit and Loss ₦20,000
C. Debit Profit and Loss ₦20,000, Credit Capital ₦20,000
D. Debit Capital ₦20,000, Credit Profit and Loss ₦20,000
Correct Answer
B
Correct Option:
Debit Asset ₦20,000, Credit Profit and Loss ₦20,000

About This Question

This is Post Utme Crawford University 2025 Accounting Question 5. It is one of the objective questions from the 2025 Post Utme Crawford University Accounting examination.

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