Post Utme Unn 2024 Accounting Question 6

Practice objective / multiple choice question 6 from the 2024 Post Utme Unn Accounting examination.

Post Utme Unn 2024 Accounting Objective / Multiple Choice
Question 6 POST_UTME_UNN • 2024 • ACCOUNTING • objective

A company has the following transactions during the year: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash of ₦50,000 to a creditor. Prepare the trading and profit and loss account for the year.

Answer Options

Correct Answer A. Trading Account: ₦20,000; Profit and Loss Account: ₦70,000
B. Trading Account: ₦30,000; Profit and Loss Account: ₦80,000
C. Trading Account: ₦40,000; Profit and Loss Account: ₦90,000
D. Trading Account: ₦50,000; Profit and Loss Account: ₦100,000
Correct Answer
A
Correct Option:
Trading Account: ₦20,000; Profit and Loss Account: ₦70,000

About This Question

This is Post Utme Unn 2024 Accounting Question 6. It is one of the objective questions from the 2024 Post Utme Unn Accounting examination.

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