JAMB Accounting 2010 Objective — Question 27

Question 27 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2010 Objective paper, with the correct answer and a full explanation.

The gross loss on manufacturing is always transferred to the

A. credit side of balance sheet
B. debit side of profit and loss accountCorrect
C. credit side of profit and loss account
D. debit side of balance sheet

Explanation

Loss on manufactured goods is treated as: Dr Profit & Loss A/c; Cr Manufacturing A/c.

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