Post Utme Lasu 2021 Accounting Question 32

Practice objective / multiple choice question 32 from the 2021 Post Utme Lasu Accounting examination.

Post Utme Lasu 2021 Accounting Objective / Multiple Choice
Question 32 POST_UTME_LASU • 2021 • ACCOUNTING • objective

A company's trial balance shows an error of ₦10,000 due to an omission of a transaction. What is the correct journal entry to rectify this error?

Answer Options

A. Debit Cash ₦10,000, Credit Profit and Loss Account ₦10,000
Correct Answer B. Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000
C. Debit Profit and Loss Account ₦10,000, Credit Capital Account ₦10,000
D. Debit Capital Account ₦10,000, Credit Profit and Loss Account ₦10,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦10,000, Credit Cash ₦10,000

About This Question

This is Post Utme Lasu 2021 Accounting Question 32. It is one of the objective questions from the 2021 Post Utme Lasu Accounting examination.

View More Post Utme Lasu 2021 Accounting Questions More Post Utme Lasu Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support