Post Utme Summit University 2024 Accounting Question 22

Practice objective / multiple choice question 22 from the 2024 Post Utme Summit University Accounting examination.

Post Utme Summit University 2024 Accounting Objective / Multiple Choice
Question 22 POST_UTME_SUMMIT_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's cash book shows a debit balance of ₦75,000 in the 'Cash' account. However, the company's accounting records indicate that the cash balance is ₦50,000. What is the correct journal entry to correct the error?

Answer Options

A. Debit Cash ₦25,000, Credit Cash at Bank ₦25,000
Correct Answer B. Debit Cash ₦25,000, Credit Cash in Hand ₦25,000
C. Debit Cash ₦75,000, Credit Cash at Bank ₦75,000
D. Debit Cash ₦50,000, Credit Cash at Bank ₦50,000
Correct Answer
B
Correct Option:
Debit Cash ₦25,000, Credit Cash in Hand ₦25,000

About This Question

This is Post Utme Summit University 2024 Accounting Question 22. It is one of the objective questions from the 2024 Post Utme Summit University Accounting examination.

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