Post Utme Uniosun 2021 Accounting Question 2

Practice objective / multiple choice question 2 from the 2021 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2021 Accounting Objective / Multiple Choice
Question 2 POST_UTME_UNIOSUN • 2021 • ACCOUNTING • objective

A company's trading account shows a profit of ₦50,000. The company's profit and loss account shows a net profit of ₦75,000. What is the correct journal entry to close the trading account?

Answer Options

Correct Answer A. ₦50,000 debit to Trading Account and ₦75,000 credit to Profit and Loss Account
B. ₦75,000 debit to Profit and Loss Account and ₦50,000 credit to Trading Account
C. ₦50,000 credit to Trading Account and ₦75,000 debit to Profit and Loss Account
D. ₦75,000 credit to Profit and Loss Account and ₦50,000 debit to Trading Account
Correct Answer
A
Correct Option:
₦50,000 debit to Trading Account and ₦75,000 credit to Profit and Loss Account

About This Question

This is Post Utme Uniosun 2021 Accounting Question 2. It is one of the objective questions from the 2021 Post Utme Uniosun Accounting examination.

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