Post Utme Aaua 2024 Accounting Question 31

Practice objective / multiple choice question 31 from the 2024 Post Utme Aaua Accounting examination.

Post Utme Aaua 2024 Accounting Objective / Multiple Choice
Question 31 POST_UTME_AAUA • 2024 • ACCOUNTING • objective

A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 5,000. Prepare the journal entry to record the issue of shares.

Answer Options

Correct Answer A. Debit Share Capital £ 10,000, Credit Share Premium £ 5,000, Credit Issue Expenses £ 5,000
B. Debit Share Capital £ 10,000, Credit Share Premium £ 10,000
C. Debit Share Capital £ 10,000, Credit Issue Expenses £ 5,000
D. Debit Share Capital £ 10,000, Credit Share Premium £ 5,000
Correct Answer
A
Correct Option:
Debit Share Capital £ 10,000, Credit Share Premium £ 5,000, Credit Issue Expenses £ 5,000

About This Question

This is Post Utme Aaua 2024 Accounting Question 31. It is one of the objective questions from the 2024 Post Utme Aaua Accounting examination.

View More Post Utme Aaua 2024 Accounting Questions More Post Utme Aaua Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support