JAMB Accounting 2014 Objective — Question 5

Question 5 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Blake Motors bought three Toyota Hilux vans on cash at a cost of N6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will be in the

A. sales book
B. purchase day book
C. sales subsidiary book
D. cash bookCorrect

Explanation

Van is an asset, thus the accounting treatment for buying van is: Dr Van a/c, Cr Cash book a/c.

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