Post Utme Uniport 2017 Accounting Question 8

Practice objective / multiple choice question 8 from the 2017 Post Utme Uniport Accounting examination.

Post Utme Uniport 2017 Accounting Objective / Multiple Choice

Question 8 POST_UTME_UNIPORT • 2017 • ACCOUNTING • objective

A company's trading account shows a profit of £,500. The company's profit and loss account shows a profit of £,800. Prepare the necessary journal entry to rectify the error.

Answer Options

A. Debit Profit and Loss £,300, Credit Trading Account £,300

Correct Answer B. Debit Trading Account £,300, Credit Profit and Loss £,300

C. Debit Profit and Loss £,300, Credit Capital £,300

D. Debit Trading Account £,300, Credit Bank £,300

Correct Answer

Correct Option:

Debit Trading Account £,300, Credit Profit and Loss £,300

About This Question

This is Post Utme Uniport 2017 Accounting Question 8. It is one of the objective questions from the 2017 Post Utme Uniport Accounting examination.

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