Post Utme Summit University 2024 Accounting Question 41

Practice objective / multiple choice question 41 from the 2024 Post Utme Summit University Accounting examination.

Post Utme Summit University 2024 Accounting Objective / Multiple Choice
Question 41 POST_UTME_SUMMIT_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance showed an error of ₦ 1,000 in the debit side of the purchases account. The correct amount of purchases was ₦ 50,000. Prepare the necessary journal entry to correct the error.

Answer Options

Correct Answer A. Debit Purchases ₦ 1,000, Credit Purchases ₦ 1,000
B. Debit Purchases ₦ 1,000, Credit Purchases ₦ 1,000, Credit Capital ₦ 1,000
C. Debit Purchases ₦ 1,000, Credit Purchases ₦ 1,000, Debit Capital ₦ 1,000
D. Debit Purchases ₦ 1,000, Credit Purchases ₦ 1,000, Debit Capital ₦ 1,000, Credit Purchases ₦ 1,000
Correct Answer
A
Correct Option:
Debit Purchases ₦ 1,000, Credit Purchases ₦ 1,000

About This Question

This is Post Utme Summit University 2024 Accounting Question 41. It is one of the objective questions from the 2024 Post Utme Summit University Accounting examination.

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