Post Utme Noun 2025 Accounting Question 19

Practice objective / multiple choice question 19 from the 2025 Post Utme Noun Accounting examination.

Post Utme Noun 2025 Accounting Objective / Multiple Choice
Question 19 POST_UTME_NOUN • 2025 • ACCOUNTING • objective

A company's financial statements show a trading profit of ₦200,000 and a net loss of ₦50,000. What is the correct journal entry to record the transfer of ₦250,000 from the trading profit to the net loss?

Answer Options

Correct Answer A. Debit Trading Profit ₦250,000, Credit Net Loss ₦250,000
B. Debit Net Loss ₦250,000, Credit Trading Profit ₦250,000
C. Debit Trading Profit ₦250,000, Credit Net Loss ₦20,000
D. Debit Net Loss ₦250,000, Credit Trading Profit ₦20,000
Correct Answer
A
Correct Option:
Debit Trading Profit ₦250,000, Credit Net Loss ₦250,000

About This Question

This is Post Utme Noun 2025 Accounting Question 19. It is one of the objective questions from the 2025 Post Utme Noun Accounting examination.

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