Post Utme Eksu 2024 Accounting Question 9

Practice objective / multiple choice question 9 from the 2024 Post Utme Eksu Accounting examination.

Post Utme Eksu 2024 Accounting Objective / Multiple Choice
Question 9 POST_UTME_EKSU • 2024 • ACCOUNTING • objective

A company's profit and loss account shows a net profit of ₦20,000. However, the balance sheet shows a decrease in equity value of ₦15,000. What is the correct journal entry to rectify this error?

Answer Options

A. ₦20,000 debit to Profit and Loss and ₦15,000 credit to Equity
Correct Answer B. ₦20,000 credit to Profit and Loss and ₦15,000 debit to Equity
C. ₦20,000 debit to Profit and Loss and ₦15,000 debit to Equity
D. ₦20,000 credit to Profit and Loss and ₦15,000 credit to Equity
Correct Answer
B
Correct Option:
₦20,000 credit to Profit and Loss and ₦15,000 debit to Equity

About This Question

This is Post Utme Eksu 2024 Accounting Question 9. It is one of the objective questions from the 2024 Post Utme Eksu Accounting examination.

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