Post Utme Igbinedion University 2024 Accounting Question 20

Practice objective / multiple choice question 20 from the 2024 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2024 Accounting Objective / Multiple Choice
Question 20 POST_UTME_IGBINEDION_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's statement of profit or loss and other comprehensive income for the year ended December 31, 2023, showed a profit of £ 50,000. The company's balance sheet at the beginning of the year showed a capital of £ 100,000. The company's drawings for the year were £ 20,000. Prepare the company's statement of changes in equity for the year ended December 31, 2023.

Answer Options

A. Capital £ 120,000, Retained Earnings £ 30,000
B. Capital £ 110,000, Retained Earnings £ 30,000
Correct Answer C. Capital £ 100,000, Retained Earnings £ 30,000
D. Capital £ 90,000, Retained Earnings £ 30,000
Correct Answer
C
Correct Option:
Capital £ 100,000, Retained Earnings £ 30,000

About This Question

This is Post Utme Igbinedion University 2024 Accounting Question 20. It is one of the objective questions from the 2024 Post Utme Igbinedion University Accounting examination.

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