Post Utme Futo 2023 Accounting Question 19

Practice objective / multiple choice question 19 from the 2023 Post Utme Futo Accounting examination.

Post Utme Futo 2023 Accounting Objective / Multiple Choice
Question 19 POST_UTME_FUTO • 2023 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare the company's Trading and Profit and Loss Account for the year.

Answer Options

Correct Answer A. Trading Account: ₦50,000; Profit and Loss Account: ₦50,000
B. Trading Account: ₦50,000; Profit and Loss Account: ₦100,000
C. Trading Account: ₦100,000; Profit and Loss Account: ₦50,000
D. Trading Account: ₦100,000; Profit and Loss Account: ₦100,000
Correct Answer
A
Correct Option:
Trading Account: ₦50,000; Profit and Loss Account: ₦50,000

About This Question

This is Post Utme Futo 2023 Accounting Question 19. It is one of the objective questions from the 2023 Post Utme Futo Accounting examination.

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