Post Utme Uniosun 2018 Accounting Question 26

Practice objective / multiple choice question 26 from the 2018 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2018 Accounting Objective / Multiple Choice
Question 26 POST_UTME_UNIOSUN • 2018 • ACCOUNTING • objective

A company uses the double-entry system of accounting. The company's ledger shows a debit balance of ₦80,000 in the account 'Purchases' and a credit balance of ₦100,000 in the account 'Sales'. What is the correct treatment of this discrepancy?

Answer Options

A. Debit the Purchases account by ₦20,000
B. Credit the Sales account by ₦20,000
Correct Answer C. Debit the Purchases account by ₦20,000 and credit the Sales account by ₦20,000
D. Debit the Purchases account by ₦20,000 and credit the Sales account by ₦40,000
Correct Answer
C
Correct Option:
Debit the Purchases account by ₦20,000 and credit the Sales account by ₦20,000

About This Question

This is Post Utme Uniosun 2018 Accounting Question 26. It is one of the objective questions from the 2018 Post Utme Uniosun Accounting examination.

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