Neco Model Questions Vol1 2017 Financial Accounting Question 2

Practice objective / multiple choice question 2 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 2 NECO_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

On 15 March, a company bought a new machine for cash costing \(120,000\) Naira and also paid a freight charge of \(5,000\) Naira on the same day. Record the appropriate double‑entry journal entry.

Answer Options

A. Machinery A\/c Dr 125,000; Cash A\/c Cr 130,000
Correct Answer B. Machinery A/c Dr 125,000; Cash A/c Cr 125,000
C. Machinery A\/c Dr 120,000; Cash A\/c Cr 125,000
D. Machinery A\/c Dr 125,000; Cash A\/c Cr 120,000
Correct Answer
B
Correct Option:
Machinery A/c Dr 125,000; Cash A/c Cr 125,000

About This Question

This is Neco Model Questions Vol1 2017 Financial Accounting Question 2. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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