Post Utme Lautech 2018 Accounting Question 36

Practice objective / multiple choice question 36 from the 2018 Post Utme Lautech Accounting examination.

Post Utme Lautech 2018 Accounting Objective / Multiple Choice
Question 36 POST_UTME_LAUTECH • 2018 • ACCOUNTING • objective

A company's trial balance shows an error of ₦1,500 due to an omission of a transaction. The error is discovered after the preparation of the financial statements. What is the correct journal entry to rectify the error?

Answer Options

A. Debit Cash ₦1,500, Credit Profit and Loss Account ₦1,500
Correct Answer B. Debit Profit and Loss Account ₦1,500, Credit Cash ₦1,500
C. Debit Profit and Loss Account ₦1,500, Credit Capital ₦1,500
D. Debit Capital ₦1,500, Credit Profit and Loss Account ₦1,500
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦1,500, Credit Cash ₦1,500

About This Question

This is Post Utme Lautech 2018 Accounting Question 36. It is one of the objective questions from the 2018 Post Utme Lautech Accounting examination.

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