Post Utme Veritas University 2021 Accounting Question 17

Practice objective / multiple choice question 17 from the 2021 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2021 Accounting Objective / Multiple Choice
Question 17 POST_UTME_VERITAS_UNIVERSITY • 2021 • ACCOUNTING • objective

A firm's trial balance shows an error of ₦50,000 due to a mistake in the posting of a transaction. The error is discovered after the balance sheet has been prepared. Prepare a correcting entry to rectify the error.

Answer Options

A. Debit Cash ₦50,000, Credit Profit and Loss Account ₦50,000
Correct Answer B. Debit Profit and Loss Account ₦50,000, Credit Cash ₦50,000
C. Debit Profit and Loss Account ₦50,000, Credit Capital ₦50,000
D. Debit Capital ₦50,000, Credit Profit and Loss Account ₦50,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦50,000, Credit Cash ₦50,000

About This Question

This is Post Utme Veritas University 2021 Accounting Question 17. It is one of the objective questions from the 2021 Post Utme Veritas University Accounting examination.

View More Post Utme Veritas University 2021 Accounting Questions More Post Utme Veritas University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support