Post Utme Unilag 2018 Accounting Question 20

Practice objective / multiple choice question 20 from the 2018 Post Utme Unilag Accounting examination.

Post Utme Unilag 2018 Accounting Objective / Multiple Choice
Question 20 POST_UTME_UNILAG • 2018 • ACCOUNTING • objective

A company's Trial Balance showed the following balances: Sales ₦100,000, Cost of Goods Sold ₦80,000, and Profit ₦20,000. Prepare the Trading and Profit and Loss Account.

Answer Options

Correct Answer A. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦10,000, Net Profit ₦10,000
B. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦20,000, Net Loss ₦0
C. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦30,000, Net Loss ₦10,000
D. Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦40,000, Net Loss ₦20,000
Correct Answer
A
Correct Option:
Trading Account: Sales ₦100,000, Cost of Goods Sold ₦80,000, Gross Profit ₦20,000; Profit and Loss Account: Gross Profit ₦20,000, Operating Expenses ₦10,000, Net Profit ₦10,000

About This Question

This is Post Utme Unilag 2018 Accounting Question 20. It is one of the objective questions from the 2018 Post Utme Unilag Accounting examination.

View More Post Utme Unilag 2018 Accounting Questions More Post Utme Unilag Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support