Post Utme Unilag 2021 Accounting Question 30

Practice objective / multiple choice question 30 from the 2021 Post Utme Unilag Accounting examination.

Post Utme Unilag 2021 Accounting Objective / Multiple Choice
Question 30 POST_UTME_UNILAG • 2021 • ACCOUNTING • objective

A company's trial balance shows the following balances: £ 50,000 debit and £ 40,000 credit. Prepare the journal entry to correct the error.

Answer Options

A. Debit Profit £ 10,000, Credit A's Capital £ 5,000
Correct Answer B. Debit Profit £ 10,000, Credit A's Capital £ 3,333
C. Debit Profit £ 10,000, Credit A's Capital £ 6,667
D. Debit Profit £ 10,000, Credit A's Capital £ 6,667
Correct Answer
B
Correct Option:
Debit Profit £ 10,000, Credit A's Capital £ 3,333

About This Question

This is Post Utme Unilag 2021 Accounting Question 30. It is one of the objective questions from the 2021 Post Utme Unilag Accounting examination.

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