Post Utme Wellspring University 2024 Accounting Question 7

Practice objective / multiple choice question 7 from the 2024 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2024 Accounting Objective / Multiple Choice
Question 7 POST_UTME_WELLSPRING_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance showed the following balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. Prepare a balance sheet for the company.

Answer Options

Correct Answer A. Assets: ₦50,000, Liabilities: ₦20,000, Equity: ₦130,000
B. Assets: ₦100,000, Liabilities: ₦20,000, Equity: ₦80,000
C. Assets: ₦50,000, Liabilities: ₦100,000, Equity: ₦30,000
D. Assets: ₦20,000, Liabilities: ₦50,000, Equity: ₦130,000
Correct Answer
A
Correct Option:
Assets: ₦50,000, Liabilities: ₦20,000, Equity: ₦130,000

About This Question

This is Post Utme Wellspring University 2024 Accounting Question 7. It is one of the objective questions from the 2024 Post Utme Wellspring University Accounting examination.

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