Post Utme Osustech 2022 Accounting Question 16

Practice objective / multiple choice question 16 from the 2022 Post Utme Osustech Accounting examination.

Post Utme Osustech 2022 Accounting Objective / Multiple Choice
Question 16 POST_UTME_OSUSTECH • 2022 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦1,500,000; sold goods for ₦2,000,000; and paid salaries of ₦300,000. Prepare the Trading Account and Profit and Loss Account for the company.

Answer Options

Correct Answer A. Trading Account: ₦1,500,000; Profit and Loss Account: ₦700,000
B. Trading Account: ₦2,000,000; Profit and Loss Account: ₦400,000
C. Trading Account: ₦1,500,000; Profit and Loss Account: ₦1,200,000
D. Trading Account: ₦2,000,000; Profit and Loss Account: ₦1,500,000
Correct Answer
A
Correct Option:
Trading Account: ₦1,500,000; Profit and Loss Account: ₦700,000

About This Question

This is Post Utme Osustech 2022 Accounting Question 16. It is one of the objective questions from the 2022 Post Utme Osustech Accounting examination.

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