Post Utme Lautech 2022 Accounting Question 24

Practice objective / multiple choice question 24 from the 2022 Post Utme Lautech Accounting examination.

Post Utme Lautech 2022 Accounting Objective / Multiple Choice
Question 24 POST_UTME_LAUTECH • 2022 • ACCOUNTING • objective

A company's manufacturing account shows a loss of ₦20,000. The company's trading account shows a profit of ₦30,000. Prepare the necessary journal entry to close the manufacturing account and transfer the loss to the profit and loss account.

Answer Options

Correct Answer A. Debit Profit and Loss Account ₦20,000, Credit Manufacturing Account ₦20,000
B. Debit Manufacturing Account ₦20,000, Credit Profit and Loss Account ₦20,000
C. Debit Profit and Loss Account ₦20,000, Credit Capital ₦20,000
D. Debit Capital ₦20,000, Credit Profit and Loss Account ₦20,000
Correct Answer
A
Correct Option:
Debit Profit and Loss Account ₦20,000, Credit Manufacturing Account ₦20,000

About This Question

This is Post Utme Lautech 2022 Accounting Question 24. It is one of the objective questions from the 2022 Post Utme Lautech Accounting examination.

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