Post Utme Igbinedion University 2019 Accounting Question 34

Practice objective / multiple choice question 34 from the 2019 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2019 Accounting Objective / Multiple Choice
Question 34 POST_UTME_IGBINEDION_UNIVERSITY • 2019 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦70,000, and returned goods worth ₦10,000 to the supplier. Prepare the ledger accounts for the above transactions.

Answer Options

Correct Answer A. Purchases Account: Debit ₦50,000, Credit ₦60,000; Sales Account: Debit ₦70,000, Credit ₦80,000; Returns Outward Account: Debit ₦10,000, Credit ₦20,000
B. Purchases Account: Debit ₦60,000, Credit ₦70,000; Sales Account: Debit ₦80,000, Credit ₦90,000; Returns Outward Account: Debit ₦20,000, Credit ₦30,000
C. Purchases Account: Debit ₦40,000, Credit ₦50,000; Sales Account: Debit ₦60,000, Credit ₦70,000; Returns Outward Account: Debit ₦10,000, Credit ₦20,000
D. Purchases Account: Debit ₦60,000, Credit ₦70,000; Sales Account: Debit ₦80,000, Credit ₦90,000; Returns Outward Account: Debit ₦20,000, Credit ₦30,000
Correct Answer
A
Correct Option:
Purchases Account: Debit ₦50,000, Credit ₦60,000; Sales Account: Debit ₦70,000, Credit ₦80,000; Returns Outward Account: Debit ₦10,000, Credit ₦20,000

About This Question

This is Post Utme Igbinedion University 2019 Accounting Question 34. It is one of the objective questions from the 2019 Post Utme Igbinedion University Accounting examination.

View More Post Utme Igbinedion University 2019 Accounting Questions More Post Utme Igbinedion 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