Post Utme Mountain Top University 2024 Accounting Question 24

Practice objective / multiple choice question 24 from the 2024 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2024 Accounting Objective / Multiple Choice
Question 24 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows the following balances: Debitors ₦50,000, Creditors ₦30,000, Capital ₦100,000. What is the correct journal entry to close the accounts?

Answer Options

Correct Answer A. Debit Debitors A/c ₦50,000, Credit Capital A/c ₦50,000
B. Debit Creditors A/c ₦30,000, Credit Capital A/c ₦30,000
C. Debit Debitors A/c ₦50,000, Credit Creditors A/c ₦30,000
D. Debit Capital A/c ₦100,000, Credit Debitors A/c ₦50,000
Correct Answer
A
Correct Option:
Debit Debitors A/c ₦50,000, Credit Capital A/c ₦50,000

About This Question

This is Post Utme Mountain Top University 2024 Accounting Question 24. It is one of the objective questions from the 2024 Post Utme Mountain Top University Accounting examination.

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