Post Utme Rsu 2017 Accounting Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Rsu Accounting examination.

Post Utme Rsu 2017 Accounting Objective / Multiple Choice
Question 31 POST_UTME_RSU • 2017 • ACCOUNTING • objective

A public sector organization has a cash book balance of ₦1,500,000 and a bank statement balance of ₦1,800,000. The bank statement includes a credit of ₦200,000 for a loan received from the government. What is the correct journal entry to reconcile the cash book and bank statement?

Answer Options

Correct Answer A. ₦1,700,000 debit to cash and ₦200,000 credit to loan
B. ₦1,700,000 debit to loan and ₦200,000 credit to cash
C. ₦1,800,000 debit to cash and ₦300,000 credit to loan
D. ₦1,800,000 debit to loan and ₦300,000 credit to cash
Correct Answer
A
Correct Option:
₦1,700,000 debit to cash and ₦200,000 credit to loan

About This Question

This is Post Utme Rsu 2017 Accounting Question 31. It is one of the objective questions from the 2017 Post Utme Rsu Accounting examination.

View More Post Utme Rsu 2017 Accounting Questions More Post Utme Rsu Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support