Post Utme Mountain Top University 2019 Accounting Question 24

Practice objective / multiple choice question 24 from the 2019 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2019 Accounting Objective / Multiple Choice
Question 24 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2019 • ACCOUNTING • objective

A company has the following balance sheet: Assets: ₦100,000; Liabilities: ₦80,000; Capital: ₦20,000. Prepare the trading account and profit and loss account.

Answer Options

A. Trading Account: ₦20,000; Profit and Loss Account: ₦10,000
Correct Answer B. Trading Account: ₦20,000; Profit and Loss Account: ₦15,000
C. Trading Account: ₦20,000; Profit and Loss Account: ₦20,000
D. Trading Account: ₦20,000; Profit and Loss Account: ₦25,000
Correct Answer
B
Correct Option:
Trading Account: ₦20,000; Profit and Loss Account: ₦15,000

About This Question

This is Post Utme Mountain Top University 2019 Accounting Question 24. It is one of the objective questions from the 2019 Post Utme Mountain Top University Accounting examination.

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