Post Utme Igbinedion University 2025 Accounting Question 23

Practice objective / multiple choice question 23 from the 2025 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2025 Accounting Objective / Multiple Choice
Question 23 POST_UTME_IGBINEDION_UNIVERSITY • 2025 • ACCOUNTING • objective

A company uses the control account method to record its sales and purchases. The company's sales account has a debit balance of ₦1,000,000 and a credit balance of ₦800,000. The company's purchases account has a debit balance of ₦900,000 and a credit balance of ₦700,000. Calculate the company's net sales and net purchases for the year.

Answer Options

Correct Answer A. ₦200,000 net sales and ₦200,000 net purchases
B. ₦300,000 net sales and ₦300,000 net purchases
C. ₦400,000 net sales and ₦400,000 net purchases
D. ₦500,000 net sales and ₦500,000 net purchases
Correct Answer
A
Correct Option:
₦200,000 net sales and ₦200,000 net purchases

About This Question

This is Post Utme Igbinedion University 2025 Accounting Question 23. It is one of the objective questions from the 2025 Post Utme Igbinedion University Accounting examination.

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