Post Utme Ims U 2020 Accounting Question 25

Practice objective / multiple choice question 25 from the 2020 Post Utme Ims U Accounting examination.

Post Utme Ims U 2020 Accounting Objective / Multiple Choice
Question 25 POST_UTME_IMS_U • 2020 • ACCOUNTING • objective

A company's trial balance showed an error of ₦20,000 due to an incorrect posting of a purchase. The error was discovered during the preparation of the balance sheet. Prepare the necessary journal entry to correct the error.

Answer Options

A. Debit Purchases and Credit Profit and Loss
B. Debit Profit and Loss and Credit Purchases
C. Debit Purchases and Credit Profit and Loss
Correct Answer D. Debit Profit and Loss and Credit Purchases
Correct Answer
D
Correct Option:
Debit Profit and Loss and Credit Purchases

About This Question

This is Post Utme Ims U 2020 Accounting Question 25. It is one of the objective questions from the 2020 Post Utme Ims U Accounting examination.

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