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  5. Akirika bought a mot...

Akirika bought a motor van for his business by cash. The entries are to debit

Accounts - Principles of Accounts
JAMB 2012

Akirika bought a motor van for his business by cash. The entries are to debit

  • A. motor van and credit Akirika
  • B. sales and credit Akrika
  • C. motor van and credit cash
  • D. cash and credit motor van
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Correct Answer: Option C
Explanation

Since the van is not for resale rather to help in the running of the business, we Debit motor van and credit cash account

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts