Post Utme Eksu 2022 Accounting Question 42

Practice objective / multiple choice question 42 from the 2022 Post Utme Eksu Accounting examination.

Post Utme Eksu 2022 Accounting Objective / Multiple Choice
Question 42 POST_UTME_EKSU • 2022 • ACCOUNTING • objective

A company's balance sheet shows a current liability of ₦50,000. However, the company's cash book shows a debit of ₦20,000 in the account 'Bank'. Prepare the journal entry to correct this error.

Answer Options

A. Debit Bank ₦20,000, Credit Current Liability ₦20,000
Correct Answer B. Debit Current Liability ₦20,000, Credit Bank ₦20,000
C. Debit Bank ₦20,000, Credit Cash ₦20,000
D. Debit Cash ₦20,000, Credit Bank ₦20,000
Correct Answer
B
Correct Option:
Debit Current Liability ₦20,000, Credit Bank ₦20,000

About This Question

This is Post Utme Eksu 2022 Accounting Question 42. It is one of the objective questions from the 2022 Post Utme Eksu Accounting examination.

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