Neco Model Questions Vol1 2022 Financial Accounting Question 10

Practice objective / multiple choice question 10 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 10 NECO_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

Record the journal entry for receiving a bank loan of ₦200,000 at 5 % interest payable annually.

Answer Options

A. Debit Loan Payable ₦200,000; Credit Cash ₦200,000
Correct Answer B. Debit Cash ₦200,000; Credit Loan Payable ₦200,000
C. Debit Cash ₦200,000; Credit Loan Payable ₦210,000
D. Debit Cash ₦200,000; Credit Interest Payable ₦10,000
Correct Answer
B
Correct Option:
Debit Cash ₦200,000; Credit Loan Payable ₦200,000

About This Question

This is Neco Model Questions Vol1 2022 Financial Accounting Question 10. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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