Post Utme Uniport 2017 Accounting Question 15

Practice objective / multiple choice question 15 from the 2017 Post Utme Uniport Accounting examination.

Post Utme Uniport 2017 Accounting Objective / Multiple Choice
Question 15 POST_UTME_UNIPORT • 2017 • ACCOUNTING • objective

A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. What is the correct journal entry to record the difference?

Answer Options

A. Debit Profit ₹50,000, Credit Loss ₹20,000
Correct Answer B. Debit Loss ₹20,000, Credit Profit ₹50,000
C. Debit Profit ₹50,000, Credit Profit ₹30,000
D. Debit Loss ₹20,000, Credit Loss ₹30,000
Correct Answer
B
Correct Option:
Debit Loss ₹20,000, Credit Profit ₹50,000

About This Question

This is Post Utme Uniport 2017 Accounting Question 15. It is one of the objective questions from the 2017 Post Utme Uniport Accounting examination.

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