Post Utme Unilag 2018 Accounting Question 6

Practice objective / multiple choice question 6 from the 2018 Post Utme Unilag Accounting examination.

Post Utme Unilag 2018 Accounting Objective / Multiple Choice
Question 6 POST_UTME_UNILAG • 2018 • ACCOUNTING • objective

A company uses the single entry system. The following transactions were recorded in the cash book: Date Particulars Debit Credit 31/12/2017 Drawings ₦10,000 - 31/12/2017 Profit - ₦20,000 The cash book balance is ₦50,000. Prepare the ledger accounts for drawings and profit.

Answer Options

Correct Answer A. Drawings: Debit: ₦10,000, Credit: ₦10,000; Profit: Debit: ₦20,000, Credit: ₦20,000
B. Drawings: Debit: ₦10,000, Credit: ₦0; Profit: Debit: ₦0, Credit: ₦20,000
C. Drawings: Debit: ₦0, Credit: ₦10,000; Profit: Debit: ₦20,000, Credit: ₦20,000
D. Drawings: Debit: ₦10,000, Credit: ₦10,000; Profit: Debit: ₦0, Credit: ₦0
Correct Answer
A
Correct Option:
Drawings: Debit: ₦10,000, Credit: ₦10,000; Profit: Debit: ₦20,000, Credit: ₦20,000

About This Question

This is Post Utme Unilag 2018 Accounting Question 6. It is one of the objective questions from the 2018 Post Utme Unilag Accounting examination.

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