Post Utme Unn 2020 Accounting Question 35

Practice objective / multiple choice question 35 from the 2020 Post Utme Unn Accounting examination.

Post Utme Unn 2020 Accounting Objective / Multiple Choice
Question 35 POST_UTME_UNN • 2020 • ACCOUNTING • objective

A company's trial balance as at 31st December, 2020 is as follows: Debit ₦1,000,000 ₦200,000 ₦300,000 ₦400,000 ₦500,000 ₦600,000 ₦700,000 ₦800,000 ₦900,000 ₦1,000,000 Credit ₦1,000,000 ₦200,000 ₦300,000 ₦400,000 ₦500,000 ₦600,000 ₦700,000 ₦800,000 ₦900,000 ₦1,000,000 Determine the correct journal entry to rectify the error in the trial balance.

Answer Options

A. ₦1,000,000 debit to Profit and Loss Account
Correct Answer B. ₦1,000,000 credit to Profit and Loss Account
C. ₦1,000,000 debit to Capital Account
D. ₦1,000,000 credit to Capital Account
Correct Answer
B
Correct Option:
₦1,000,000 credit to Profit and Loss Account

About This Question

This is Post Utme Unn 2020 Accounting Question 35. It is one of the objective questions from the 2020 Post Utme Unn Accounting examination.

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