Post Utme Unilorin 2021 Accounting Question 11

Practice objective / multiple choice question 11 from the 2021 Post Utme Unilorin Accounting examination.

Post Utme Unilorin 2021 Accounting Objective / Multiple Choice
Question 11 POST_UTME_UNILORIN • 2021 • ACCOUNTING • objective

A company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦130,000. The difference of ₦10,000 is due to an outstanding cheque of ₦5,000 and a deposit in transit of ₦5,000. What is the correct journal entry to reconcile the cash book and bank statement?

Answer Options

Correct Answer A. ₦5,000 debit Cash, ₦5,000 credit Bank
B. ₦5,000 debit Bank, ₦5,000 credit Cash
C. ₦10,000 debit Cash, ₦10,000 credit Bank
D. ₦10,000 debit Bank, ₦10,000 credit Cash
Correct Answer
A
Correct Option:
₦5,000 debit Cash, ₦5,000 credit Bank

About This Question

This is Post Utme Unilorin 2021 Accounting Question 11. It is one of the objective questions from the 2021 Post Utme Unilorin Accounting examination.

View More Post Utme Unilorin 2021 Accounting Questions More Post Utme Unilorin 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