Post Utme Skyline University 2025 Accounting Question 4

Practice objective / multiple choice question 4 from the 2025 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2025 Accounting Objective / Multiple Choice
Question 4 POST_UTME_SKYLINE_UNIVERSITY • 2025 • ACCOUNTING • objective

A company prepares its final accounts. The company's trading account shows a profit of ₦50,000. The company's profit and loss account shows a net profit of ₦60,000. What is the correct journal entry to transfer the profit from the trading account to the profit and loss account?

Answer Options

Correct Answer A. Debit Trading Account, Credit Profit and Loss Account
B. Debit Profit and Loss Account, Credit Trading Account
C. Debit Profit and Loss Account, Credit Profit and Loss Account
D. Debit Trading Account, Debit Profit and Loss Account
Correct Answer
A
Correct Option:
Debit Trading Account, Credit Profit and Loss Account

About This Question

This is Post Utme Skyline University 2025 Accounting Question 4. It is one of the objective questions from the 2025 Post Utme Skyline University Accounting examination.

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