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Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total...

Accounts - Principles of Accounts
JAMB 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit

  • A. sugar account #12,000 and credit Jide #12,000
  • B. Jide #12,000 and credit sales account #12,000
  • C. Ibrahim #12,000 and credit Jide #12,000
  • D. sugar account #12,000 and credit Ibrahim #12,000
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Correct Answer: Option B
Explanation

Debit cash paid by Jide to the sum of 12,000 and credit stock or sales account

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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts