Post Utme Lasu 2023 Accounting Question 36

Practice objective / multiple choice question 36 from the 2023 Post Utme Lasu Accounting examination.

Post Utme Lasu 2023 Accounting Objective / Multiple Choice
Question 36 POST_UTME_LASU • 2023 • 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 to record the issue of shares.

Answer Options

A. Debit Share Capital 30,000, Credit Cash 30,000
Correct Answer B. Debit Share Capital 30,000, Credit Share Premium 30,000
C. Debit Share Capital 10,000, Credit Cash 10,000
D. Debit Share Capital 30,000, Credit Share Premium 10,000
Correct Answer
B
Correct Option:
Debit Share Capital 30,000, Credit Share Premium 30,000

About This Question

This is Post Utme Lasu 2023 Accounting Question 36. It is one of the objective questions from the 2023 Post Utme Lasu Accounting examination.

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