Post Utme Oau 2017 Accounting Question 38

Practice objective / multiple choice question 38 from the 2017 Post Utme Oau Accounting examination.

Post Utme Oau 2017 Accounting Objective / Multiple Choice
Question 38 POST_UTME_OAU • 2017 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦100,000; Sold goods for ₦120,000; Purchased goods for ₦80,000. Prepare the trading account.

Answer Options

A. Trading Account: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000
Correct Answer B. Trading Account: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000
C. Trading Account: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000, Net Profit ₹ 40,000
D. Trading Account: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000, Net Profit ₹ 40,000, Dividend ₹ 20,000
Correct Answer
B
Correct Option:
Trading Account: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000

About This Question

This is Post Utme Oau 2017 Accounting Question 38. It is one of the objective questions from the 2017 Post Utme Oau Accounting examination.

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