Post Utme Lead City University 2019 Accounting Question 36

Practice objective / multiple choice question 36 from the 2019 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2019 Accounting Objective / Multiple Choice
Question 36 POST_UTME_LEAD_CITY_UNIVERSITY • 2019 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦120,000 on credit, sold goods for ₦180,000 for cash, and paid a dividend of ₦30,000. Prepare the trading and profit and loss account for the year.

Answer Options

Correct Answer A. Trading Account: ₦120,000; Profit and Loss Account: ₦60,000
B. Trading Account: ₦180,000; Profit and Loss Account: ₦30,000
C. Trading Account: ₦120,000; Profit and Loss Account: ₦30,000
D. Trading Account: ₦180,000; Profit and Loss Account: ₦60,000
Correct Answer
A
Correct Option:
Trading Account: ₦120,000; Profit and Loss Account: ₦60,000

About This Question

This is Post Utme Lead City University 2019 Accounting Question 36. It is one of the objective questions from the 2019 Post Utme Lead City University Accounting examination.

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