Post Utme Ksu 2018 Accounting Question 28

Practice objective / multiple choice question 28 from the 2018 Post Utme Ksu Accounting examination.

Post Utme Ksu 2018 Accounting Objective / Multiple Choice
Question 28 POST_UTME_KSU • 2018 • ACCOUNTING • objective

A company issued 5,000 debentures of ₦100 each at a discount of ₦5 per debenture. The proceeds from the issue of debentures were credited to a 'Debenture Account'. Prepare the journal entry to record the issue of debentures.

Answer Options

A. Debit Debenture Account ₦450,000, Credit Cash ₦450,000
B. Debit Debenture Account ₦500,000, Credit Cash ₦500,000
Correct Answer C. Debit Debenture Account ₦450,000, Credit Cash ₦450,000
D. Debit Debenture Account ₦500,000, Credit Cash ₦450,000
Correct Answer
C
Correct Option:
Debit Debenture Account ₦450,000, Credit Cash ₦450,000

About This Question

This is Post Utme Ksu 2018 Accounting Question 28. It is one of the objective questions from the 2018 Post Utme Ksu Accounting examination.

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