Post Utme Nile University 2024 Accounting Question 29

Practice objective / multiple choice question 29 from the 2024 Post Utme Nile University Accounting examination.

Post Utme Nile University 2024 Accounting Objective / Multiple Choice
Question 29 POST_UTME_NILE_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's balance sheet showed a capital of ₦500,000. The company made a profit of ₦100,000 and distributed ₦50,000 as dividend. Prepare the necessary journal entry to record the profit and dividend.

Answer Options

A. Debit Profit and Loss Account ₦100,000, Credit Capital ₦100,000
Correct Answer B. Debit Profit and Loss Account ₦100,000, Credit Dividend Account ₦50,000
C. Debit Capital ₦100,000, Credit Profit and Loss Account ₦100,000
D. Debit Dividend Account ₦50,000, Credit Profit and Loss Account ₦50,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦100,000, Credit Dividend Account ₦50,000

About This Question

This is Post Utme Nile University 2024 Accounting Question 29. It is one of the objective questions from the 2024 Post Utme Nile University Accounting examination.

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