Post Utme Lead City University 2022 Accounting Question 22

Practice objective / multiple choice question 22 from the 2022 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2022 Accounting Objective / Multiple Choice
Question 22 POST_UTME_LEAD_CITY_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows an error of ₦20,000 due to an incorrect posting of a transaction. The error is discovered during the preparation of the balance sheet. What is the correct journal entry to rectify the error?

Answer Options

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

About This Question

This is Post Utme Lead City University 2022 Accounting Question 22. It is one of the objective questions from the 2022 Post Utme Lead City University Accounting examination.

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