Post Utme Ksu 2021 Accounting Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Ksu Accounting examination.

Post Utme Ksu 2021 Accounting Objective / Multiple Choice
Question 1 POST_UTME_KSU • 2021 • ACCOUNTING • objective

The following trial balance of a company is given. Prepare the trading and profit and loss account for the year ended 31st December 2020.

Answer Options

Correct Answer A. Trading Account: Debit: Cost of Goods Sold = ₦1,500,000, Credit: Opening Inventory = ₦200,000, Credit: Purchases = ₦2,000,000, Credit: Closing Inventory = ₦300,000 Profit and Loss Account: Debit: Opening Inventory = ₦200,000, Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Credit: Sales = ₦3,500,000
B. Trading Account: Debit: Cost of Goods Sold = ₦1,500,000, Credit: Purchases = ₦2,000,000, Credit: Closing Inventory = ₦300,000, Credit: Opening Inventory = ₦200,000 Profit and Loss Account: Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Debit: Opening Inventory = ₦200,000, Credit: Sales = ₦3,500,000
C. Trading Account: Debit: Purchases = ₦2,000,000, Credit: Cost of Goods Sold = ₦1,500,000, Credit: Closing Inventory = ₦300,000, Credit: Opening Inventory = ₦200,000 Profit and Loss Account: Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Debit: Opening Inventory = ₦200,000, Credit: Sales = ₦3,500,000
D. Trading Account: Debit: Cost of Goods Sold = ₦1,500,000, Credit: Purchases = ₦2,000,000, Credit: Opening Inventory = ₦200,000, Credit: Closing Inventory = ₦300,000 Profit and Loss Account: Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Debit: Closing Inventory = ₦300,000, Credit: Sales = ₦3,500,000
Correct Answer
A
Correct Option:
Trading Account: Debit: Cost of Goods Sold = ₦1,500,000, Credit: Opening Inventory = ₦200,000, Credit: Purchases = ₦2,000,000, Credit: Closing Inventory = ₦300,000 Profit and Loss Account: Debit: Opening Inventory = ₦200,000, Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Credit: Sales = ₦3,500,000

About This Question

This is Post Utme Ksu 2021 Accounting Question 1. It is one of the objective questions from the 2021 Post Utme Ksu Accounting examination.

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