Post Utme Skyline University 2024 Accounting Question 2

Practice objective / multiple choice question 2 from the 2024 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2024 Accounting Objective / Multiple Choice
Question 2 POST_UTME_SKYLINE_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows an error of ₦10,000. The error is due to an omission of a transaction. Prepare the necessary journal entry to rectify the error.

Answer Options

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

About This Question

This is Post Utme Skyline University 2024 Accounting Question 2. It is one of the objective questions from the 2024 Post Utme Skyline University Accounting examination.

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