Post Utme Lead City University 2022 Accounting Question 3

Practice objective / multiple choice question 3 from the 2022 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2022 Accounting Objective / Multiple Choice
Question 3 POST_UTME_LEAD_CITY_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's cash book showed a balance of ₦20,000 in the cash account. However, the bank statement showed a balance of ₦30,000. Prepare the necessary journal entry to reconcile the difference.

Answer Options

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

About This Question

This is Post Utme Lead City University 2022 Accounting Question 3. It is one of the objective questions from the 2022 Post Utme Lead City University Accounting examination.

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