Post Utme Noun 2023 Accounting Question 7

Practice objective / multiple choice question 7 from the 2023 Post Utme Noun Accounting examination.

Post Utme Noun 2023 Accounting Objective / Multiple Choice
Question 7 POST_UTME_NOUN • 2023 • ACCOUNTING • objective

A company's trial balance showed an error of ₦5,000 due to a mistake in the posting of a transaction. Prepare the necessary journal entry to rectify the error.

Answer Options

A. Debit Cash ₦5,000, Credit Profit and Loss Account ₦5,000
Correct Answer B. Debit Profit and Loss Account ₦5,000, Credit Cash ₦5,000
C. Debit Profit and Loss Account ₦5,000, Credit Capital Account ₦5,000
D. Debit Capital Account ₦5,000, Credit Profit and Loss Account ₦5,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦5,000, Credit Cash ₦5,000

About This Question

This is Post Utme Noun 2023 Accounting Question 7. It is one of the objective questions from the 2023 Post Utme Noun Accounting examination.

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