Post Utme Uniosun 2017 Accounting Question 2

Practice objective / multiple choice question 2 from the 2017 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2017 Accounting Objective / Multiple Choice
Question 2 POST_UTME_UNIOSUN • 2017 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦100,000 on credit; sold goods for ₦120,000 on credit; and paid cash of ₦20,000 to a creditor. Prepare the trading account for the period.

Answer Options

A. Trading Account: ₦20,000; Profit: ₦20,000
Correct Answer B. Trading Account: ₦40,000; Profit: ₦40,000
C. Trading Account: ₦60,000; Profit: ₦60,000
D. Trading Account: ₦80,000; Profit: ₦80,000
Correct Answer
B
Correct Option:
Trading Account: ₦40,000; Profit: ₦40,000

About This Question

This is Post Utme Uniosun 2017 Accounting Question 2. It is one of the objective questions from the 2017 Post Utme Uniosun Accounting examination.

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