Post Utme Lead City University 2022 Accounting Question 5

Practice objective / multiple choice question 5 from the 2022 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2022 Accounting Objective / Multiple Choice
Question 5 POST_UTME_LEAD_CITY_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance showed an error of ₦10,000 in the debit side of the purchases account. The correct balance of the purchases account is ₦200,000. Prepare the necessary journal entry to correct the error.

Answer Options

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

About This Question

This is Post Utme Lead City University 2022 Accounting Question 5. It is one of the objective questions from the 2022 Post Utme Lead City University Accounting examination.

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