Post Utme Summit University 2021 Accounting Question 3

Practice objective / multiple choice question 3 from the 2021 Post Utme Summit University Accounting examination.

Post Utme Summit University 2021 Accounting Objective / Multiple Choice
Question 3 POST_UTME_SUMMIT_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 1,000 | | | Bank | | 500 | | Sales | | 10,000 | | Purchases | 8,000 | | | Capital | | 2,000 | Prepare the company's financial statements.

Answer Options

Correct Answer A. Profit: £ 1,500; Loss: £ 0
B. Profit: £ 0; Loss: £ 1,500
C. Profit: £ 1,500; Loss: £ 1,500
D. Profit: £ 0; Loss: £ 0
Correct Answer
A
Correct Option:
Profit: £ 1,500; Loss: £ 0

About This Question

This is Post Utme Summit University 2021 Accounting Question 3. It is one of the objective questions from the 2021 Post Utme Summit University Accounting examination.

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