Post Utme Ui 2022 Accounting Question 17

Practice objective / multiple choice question 17 from the 2022 Post Utme Ui Accounting examination.

Post Utme Ui 2022 Accounting Objective / Multiple Choice
Question 17 POST_UTME_UI • 2022 • ACCOUNTING • objective

A company's balance sheet as at 31st December 2022 shows an increase in the value of its property, plant and equipment by ₦1,500,000. The increase was due to the acquisition of new equipment. Prepare the necessary journal entry to record the increase in value.

Answer Options

Correct Answer A. ₦1,500,000 debit to Property, Plant and Equipment
B. ₦1,500,000 credit to Property, Plant and Equipment
C. ₦1,500,000 debit to Property, Plant and Equipment and ₦1,500,000 credit to Purchases
D. ₦1,500,000 credit to Property, Plant and Equipment and ₦1,500,000 debit to Sales
Correct Answer
A
Correct Option:
₦1,500,000 debit to Property, Plant and Equipment

About This Question

This is Post Utme Ui 2022 Accounting Question 17. It is one of the objective questions from the 2022 Post Utme Ui Accounting examination.

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