Post Utme Pan Atlantic University 2022 Accounting Question 15

Practice objective / multiple choice question 15 from the 2022 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2022 Accounting Objective / Multiple Choice
Question 15 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance showed the following balances: Accounts Payable ₦ 40,000, Accounts Receivable ₦ 20,000, Common Stock ₦ 80,000, and Retained Earnings ₦ 30,000. Prepare a balance sheet for the company.

Answer Options

Correct Answer A. Assets: ₦ 140,000, Liabilities: ₦ 40,000, Equity: ₦ 100,000
B. Assets: ₦ 100,000, Liabilities: ₦ 20,000, Equity: ₦ 80,000
C. Assets: ₦ 120,000, Liabilities: ₦ 40,000, Equity: ₦ 80,000
D. Assets: ₦ 140,000, Liabilities: ₦ 20,000, Equity: ₦ 120,000
Correct Answer
A
Correct Option:
Assets: ₦ 140,000, Liabilities: ₦ 40,000, Equity: ₦ 100,000

About This Question

This is Post Utme Pan Atlantic University 2022 Accounting Question 15. It is one of the objective questions from the 2022 Post Utme Pan Atlantic University Accounting examination.

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