Gce Model Questions Vol1 2022 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The following transactions were recorded in the journal: 1. Purchased inventory on credit for ₦45,000. 2. Sold goods for cash ₦60,000; cost of goods sold ₦36,000. 3. Paid wages cash ₦12,000. 4. Received a bank loan, amount unknown, recorded as a debit to cash and a credit to loan payable. If the total of all debit entries in the journal equals ₦210,000, what is the amount of the bank loan?
Answer Options
About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 6. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.