Post Utme Futa 2025 Accounting Question 31

Practice objective / multiple choice question 31 from the 2025 Post Utme Futa Accounting examination.

Post Utme Futa 2025 Accounting Objective / Multiple Choice
Question 31 POST_UTME_FUTA • 2025 • ACCOUNTING • objective

A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a 'Share Capital' account. Prepare the journal entry for the issue of these shares.

Answer Options

A. Debit Share Capital 30,000, Credit Cash 30,000
Correct Answer B. Debit Share Capital 30,000, Credit Cash 40,000
C. Debit Share Capital 40,000, Credit Cash 30,000
D. Debit Share Capital 40,000, Credit Cash 40,000
Correct Answer
B
Correct Option:
Debit Share Capital 30,000, Credit Cash 40,000

About This Question

This is Post Utme Futa 2025 Accounting Question 31. It is one of the objective questions from the 2025 Post Utme Futa Accounting examination.

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