Question 40
POST_UTME_SUMMIT_UNIVERSITY
•
2017
•
ACCOUNTING
•
objective
A company has the following ledger accounts:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | |
| Accounts Payable | | ₦5,000 |
| Sales Revenue | | ₦20,000 |
| Cost of Goods Sold | ₦15,000 | |
| Net Income | | ₦5,000 |
| Total | ₦25,000 | ₦30,000 |
Create a self-balancing ledger for the company.
Answer Options
Correct Answer
A.
{\begin{array}{|c|c|c|}
\text{Account} & \text{Debit} & \text{Credit} \\
\hline
\text{Cash} & ₦10,000 & \\
\text{Accounts Payable} & & ₦5,000 \\
\text{Sales Revenue} & & ₦20,000 \\
\text{Cost of Goods Sold} & ₦15,000 & \\
\text{Net Income} & & ₦5,000 \\
\hline
\text{Total} & ₦25,000 & ₦30,000 \\
\end{array}}
B.
{\begin{array}{|c|c|c|}
\text{Account} & \text{Debit} & \text{Credit} \\
\hline
\text{Cash} & ₦10,000 & \\
\text{Accounts Payable} & & ₦5,000 \\
\text{Sales Revenue} & & ₦20,000 \\
\text{Cost of Goods Sold} & ₦15,000 & \\
\text{Net Income} & & ₦5,000 \\
\hline
\text{Total} & ₦25,000 & ₦30,000 \\
\end{array}}
C.
{\begin{array}{|c|c|c|}
\text{Account} & \text{Debit} & \text{Credit} \\
\hline
\text{Cash} & ₦10,000 & \\
\text{Accounts Payable} & & ₦5,000 \\
\text{Sales Revenue} & & ₦20,000 \\
\text{Cost of Goods Sold} & ₦15,000 & \\
\text{Net Income} & & ₦5,000 \\
\hline
\text{Total} & ₦25,000 & ₦30,000 \\
\end{array}}
D.
{\begin{array}{|c|c|c|}
\text{Account} & \text{Debit} & \text{Credit} \\
\hline
\text{Cash} & ₦10,000 & \\
\text{Accounts Payable} & & ₦5,000 \\
\text{Sales Revenue} & & ₦20,000 \\
\text{Cost of Goods Sold} & ₦15,000 & \\
\text{Net Income} & & ₦5,000 \\
\hline
\text{Total} & ₦25,000 & ₦30,000 \\
\end{array}}
Correct Answer
A
Correct Option:
{\begin{array}{|c|c|c|}
\text{Account} & \text{Debit} & \text{Credit} \\
\hline
\text{Cash} & ₦10,000 & \\
\text{Accounts Payable} & & ₦5,000 \\
\text{Sales Revenue} & & ₦20,000 \\
\text{Cost of Goods Sold} & ₦15,000 & \\
\text{Net Income} & & ₦5,000 \\
\hline
\text{Total} & ₦25,000 & ₦30,000 \\
\end{array}}
About This Question
This is
Post Utme Summit University
2017
Accounting
Question 40.
It is one of the
objective
questions from the
2017
Post Utme Summit University
Accounting
examination.