Post Utme Noun 2025 Accounting Question 20

Practice objective / multiple choice question 20 from the 2025 Post Utme Noun Accounting examination.

Post Utme Noun 2025 Accounting Objective / Multiple Choice
Question 20 POST_UTME_NOUN • 2025 • ACCOUNTING • objective

A company's financial statements show a balance sheet total of ₦500,000 and a net worth of ₦300,000. What is the correct journal entry to record the transfer of ₦200,000 from the balance sheet total to the net worth?

Answer Options

Correct Answer A. Debit Balance Sheet Total ₦200,000, Credit Net Worth ₦200,000
B. Debit Net Worth ₦200,000, Credit Balance Sheet Total ₦200,000
C. Debit Balance Sheet Total ₦200,000, Credit Net Worth ₦20,000
D. Debit Net Worth ₦200,000, Credit Balance Sheet Total ₦20,000
Correct Answer
A
Correct Option:
Debit Balance Sheet Total ₦200,000, Credit Net Worth ₦200,000

About This Question

This is Post Utme Noun 2025 Accounting Question 20. It is one of the objective questions from the 2025 Post Utme Noun Accounting examination.

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