Post Utme Veritas University 2024 Accounting Question 34

Practice objective / multiple choice question 34 from the 2024 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2024 Accounting Objective / Multiple Choice
Question 34 POST_UTME_VERITAS_UNIVERSITY • 2024 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦120,000 on credit, sold goods for ₦180,000 on credit, and paid a dividend of ₦30,000. Prepare the Trading Account, Profit and Loss Account, and Balance Sheet.

Answer Options

A. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦240,000
B. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦270,000
Correct Answer C. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦240,000
D. Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦270,000
Correct Answer
C
Correct Option:
Trading Account: ₦60,000; Profit and Loss Account: ₦60,000; Balance Sheet: ₦240,000

About This Question

This is Post Utme Veritas University 2024 Accounting Question 34. It is one of the objective questions from the 2024 Post Utme Veritas University Accounting examination.

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