Post Utme Ims U 2021 Accounting Question 29

Practice objective / multiple choice question 29 from the 2021 Post Utme Ims U Accounting examination.

Post Utme Ims U 2021 Accounting Objective / Multiple Choice
Question 29 POST_UTME_IMS_U • 2021 • ACCOUNTING • objective

A company has the following transactions: Debit: ₦100,000, Credit: ₦120,000. What is the net effect of this transaction on the company's equity?

Answer Options

A. Increase in equity by ₦20,000
Correct Answer B. Decrease in equity by ₦20,000
C. No effect on equity
D. Increase in equity by ₦20,000 and decrease in equity by ₦20,000
Correct Answer
B
Correct Option:
Decrease in equity by ₦20,000

About This Question

This is Post Utme Ims U 2021 Accounting Question 29. It is one of the objective questions from the 2021 Post Utme Ims U Accounting examination.

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