Question 2
POST_UTME_SUMMIT_UNIVERSITY
•
2024
•
ACCOUNTING
•
objective
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Common Stock ₦100,000, Retained Earnings ₦30,000, and Dividends ₦10,000. Prepare a balance sheet for the company.
Answer Options
Correct Answer
A.
{\begin{tabular}{|l|r|}
Accounts Payable & ₦50,000 \\
Accounts Receivable & ₦20,000 \\
Common Stock & ₦100,000 \\
Retained Earnings & ₦30,000 \\
Dividends & ₦10,000 \\
Total & ₦210,000 \\
\end{tabular}}
B.
{\begin{tabular}{|l|r|}
Accounts Payable & ₦50,000 \\
Accounts Receivable & ₦20,000 \\
Common Stock & ₦100,000 \\
Retained Earnings & ₦30,000 \\
Dividends & ₦10,000 \\
Total & ₦210,000 \\
\end{tabular}}
C.
{\begin{tabular}{|l|r|}
Accounts Payable & ₦50,000 \\
Accounts Receivable & ₦20,000 \\
Common Stock & ₦100,000 \\
Retained Earnings & ₦30,000 \\
Dividends & ₦10,000 \\
Total & ₦210,000 \\
\end{tabular}}
D.
{\begin{tabular}{|l|r|}
Accounts Payable & ₦50,000 \\
Accounts Receivable & ₦20,000 \\
Common Stock & ₦100,000 \\
Retained Earnings & ₦30,000 \\
Dividends & ₦10,000 \\
Total & ₦210,000 \\
\end{tabular}}
Correct Answer
A
Correct Option:
{\begin{tabular}{|l|r|}
Accounts Payable & ₦50,000 \\
Accounts Receivable & ₦20,000 \\
Common Stock & ₦100,000 \\
Retained Earnings & ₦30,000 \\
Dividends & ₦10,000 \\
Total & ₦210,000 \\
\end{tabular}}
About This Question
This is
Post Utme Summit University
2024
Accounting
Question 2.
It is one of the
objective
questions from the
2024
Post Utme Summit University
Accounting
examination.