Post Utme Rhema University 2024 Accounting Question 12

Practice objective / multiple choice question 12 from the 2024 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2024 Accounting Objective / Multiple Choice
Question 12 POST_UTME_RHEMA_UNIVERSITY • 2024 • ACCOUNTING • objective

A company has the following transactions in its trial balance: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare the company's balance sheet at the end of the year.

Answer Options

A. Assets ₦200,000, Liabilities ₦50,000, Equity ₦150,000
Correct Answer B. Assets ₦250,000, Liabilities ₦50,000, Equity ₦200,000
C. Assets ₦300,000, Liabilities ₦50,000, Equity ₦250,000
D. Assets ₦350,000, Liabilities ₦50,000, Equity ₦300,000
Correct Answer
B
Correct Option:
Assets ₦250,000, Liabilities ₦50,000, Equity ₦200,000

About This Question

This is Post Utme Rhema University 2024 Accounting Question 12. It is one of the objective questions from the 2024 Post Utme Rhema University Accounting examination.

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