Post Utme Summit University 2022 Accounting Question 18

Practice objective / multiple choice question 18 from the 2022 Post Utme Summit University Accounting examination.

Post Utme Summit University 2022 Accounting Objective / Multiple Choice

Question 18 POST_UTME_SUMMIT_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's profit and loss account shows a net profit of ₦30,000. What is the correct journal entry to record the distribution of the net profit?

Answer Options

A. ₦30,000 debit to Profit and Loss Appropriation Account and ₦30,000 credit to Profit and Loss Account

B. ₦30,000 debit to Profit and Loss Account and ₦30,000 credit to Profit and Loss Appropriation Account

C. ₦30,000 debit to Profit and Loss Appropriation Account and ₦30,000 credit to Profit and Loss Account

Correct Answer D. ₦30,000 debit to Profit and Loss Account and ₦30,000 credit to Profit and Loss Appropriation Account

Correct Answer

Correct Option:

₦30,000 debit to Profit and Loss Account and ₦30,000 credit to Profit and Loss Appropriation Account

About This Question

This is Post Utme Summit University 2022 Accounting Question 18. It is one of the objective questions from the 2022 Post Utme Summit University Accounting examination.

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