Post Utme Skyline University 2021 Accounting Question 7

Practice objective / multiple choice question 7 from the 2021 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2021 Accounting Objective / Multiple Choice
Question 7 POST_UTME_SKYLINE_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance as at 31st December, 2021 is as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Bank | ₦0 | ₦100,000 | | Sales | ₦0 | ₦200,000 | | Purchases | ₦150,000 | ₦0 | | Wages | ₦0 | ₦50,000 | | Rent | ₦20,000 | ₦0 | | Profit | ₦0 | ₦0 | | Loss | ₦0 | ₦0 | The company's accounting year ends on 31st December. Prepare the ledger accounts for the following: (i) Cash, (ii) Bank, (iii) Sales, (iv) Purchases, (v) Wages, (vi) Rent, (vii) Profit, and (viii) Loss.

Answer Options

Correct Answer A. Cash: Debit ₦50,000; Credit ₦0; Bank: Debit ₦0; Credit ₦100,000; Sales: Debit ₦0; Credit ₦200,000; Purchases: Debit ₦150,000; Credit ₦0; Wages: Debit ₦0; Credit ₦50,000; Rent: Debit ₦20,000; Credit ₦0; Profit: Debit ₦0; Credit ₦0; Loss: Debit ₦0; Credit ₦0
B. Cash: Debit ₦0; Credit ₦50,000; Bank: Debit ₦100,000; Credit ₦0; Sales: Debit ₦200,000; Credit ₦0; Purchases: Debit ₦0; Credit ₦150,000; Wages: Debit ₦50,000; Credit ₦0; Rent: Debit ₦0; Credit ₦20,000; Profit: Debit ₦0; Credit ₦0; Loss: Debit ₦0; Credit ₦0
C. Cash: Debit ₦50,000; Credit ₦0; Bank: Debit ₦0; Credit ₦100,000; Sales: Debit ₦0; Credit ₦200,000; Purchases: Debit ₦150,000; Credit ₦0; Wages: Debit ₦0; Credit ₦50,000; Rent: Debit ₦20,000; Credit ₦0; Profit: Debit ₦0; Credit ₦0; Loss: Debit ₦0; Credit ₦0
D. Cash: Debit ₦0; Credit ₦50,000; Bank: Debit ₦100,000; Credit ₦0; Sales: Debit ₦0; Credit ₦200,000; Purchases: Debit ₦0; Credit ₦150,000; Wages: Debit ₦0; Credit ₦50,000; Rent: Debit ₦0; Credit ₦20,000; Profit: Debit ₦0; Credit ₦0; Loss: Debit ₦0; Credit ₦0
Correct Answer
A
Correct Option:
Cash: Debit ₦50,000; Credit ₦0; Bank: Debit ₦0; Credit ₦100,000; Sales: Debit ₦0; Credit ₦200,000; Purchases: Debit ₦150,000; Credit ₦0; Wages: Debit ₦0; Credit ₦50,000; Rent: Debit ₦20,000; Credit ₦0; Profit: Debit ₦0; Credit ₦0; Loss: Debit ₦0; Credit ₦0

About This Question

This is Post Utme Skyline University 2021 Accounting Question 7. It is one of the objective questions from the 2021 Post Utme Skyline University Accounting examination.

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