Post Utme Greenfield University 2019 Accounting Question 38

Practice objective / multiple choice question 38 from the 2019 Post Utme Greenfield University Accounting examination.

Post Utme Greenfield University 2019 Accounting Objective / Multiple Choice
Question 38 POST_UTME_GREENFIELD_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trading account shows a profit of ₦150,000. However, the company's profit and loss account shows a loss of ₦20,000. What is the correct adjustment to be made to the trading account?

Answer Options

Correct Answer A. Debit Profit and Loss Account ₦170,000, Credit Trading Account ₦170,000
B. Debit Trading Account ₦170,000, Credit Profit and Loss Account ₦170,000
C. Debit Profit and Loss Account ₦20,000, Credit Trading Account ₦20,000
D. Debit Trading Account ₦20,000, Credit Profit and Loss Account ₦20,000
Correct Answer
A
Correct Option:
Debit Profit and Loss Account ₦170,000, Credit Trading Account ₦170,000

About This Question

This is Post Utme Greenfield University 2019 Accounting Question 38. It is one of the objective questions from the 2019 Post Utme Greenfield University Accounting examination.

View More Post Utme Greenfield University 2019 Accounting Questions More Post Utme Greenfield University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support