Post Utme Redeemers University 2017 Accounting Question 8

Practice objective / multiple choice question 8 from the 2017 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2017 Accounting Objective / Multiple Choice
Question 8 POST_UTME_REDEEMERS_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's manufacturing account for the year showed a loss of ₦20,000. The company's factory overheads were under-estimated by ₦10,000. Prepare the necessary journal entry to rectify the error.

Answer Options

A. Debit Factory Overheads Account ₦10,000, Credit Loss Account ₦10,000
B. Debit Loss Account ₦10,000, Credit Factory Overheads Account ₦10,000
Correct Answer C. Debit Factory Overheads Account ₦10,000, Credit Profit and Loss Account ₦10,000
D. Debit Profit and Loss Account ₦10,000, Credit Factory Overheads Account ₦10,000
Correct Answer
C
Correct Option:
Debit Factory Overheads Account ₦10,000, Credit Profit and Loss Account ₦10,000

About This Question

This is Post Utme Redeemers University 2017 Accounting Question 8. It is one of the objective questions from the 2017 Post Utme Redeemers University Accounting examination.

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