Post Utme Futa 2021 Accounting Question 18

Practice objective / multiple choice question 18 from the 2021 Post Utme Futa Accounting examination.

Post Utme Futa 2021 Accounting Objective / Multiple Choice
Question 18 POST_UTME_FUTA • 2021 • ACCOUNTING • objective

A company uses a self-balancing ledger to record its transactions. The ledger shows a debit balance of ₦10,000 in the account 'Purchases' and a credit balance of ₦15,000 in the account 'Sales'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. ₦5,000 debit to Purchases and ₦5,000 credit to Sales
Correct Answer B. ₦10,000 debit to Purchases and ₦10,000 credit to Sales
C. ₦15,000 debit to Purchases and ₦20,000 credit to Sales
D. ₦20,000 debit to Purchases and ₦15,000 credit to Sales
Correct Answer
B
Correct Option:
₦10,000 debit to Purchases and ₦10,000 credit to Sales

About This Question

This is Post Utme Futa 2021 Accounting Question 18. It is one of the objective questions from the 2021 Post Utme Futa Accounting examination.

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