Post Utme Lead City University 2021 Accounting Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2021 Accounting Objective / Multiple Choice
Question 1 POST_UTME_LEAD_CITY_UNIVERSITY • 2021 • ACCOUNTING • objective

A company issued 5,000 shares of 10 par value at a premium of 5 per share. The company also issued 2,000, 10% debentures of 100 each. Prepare the journal entry to record the issue of shares and debentures.

Answer Options

A. Debit Cash 50,000, Credit Share Capital 50,000, Credit Debentures 200,000
B. Debit Share Capital 50,000, Credit Cash 50,000, Credit Debentures 200,000
Correct Answer C. Debit Cash 50,000, Credit Share Capital 50,000, Credit Debentures 200,000
D. Debit Share Capital 50,000, Credit Cash 50,000, Credit Debentures 200,000
Correct Answer
C
Correct Option:
Debit Cash 50,000, Credit Share Capital 50,000, Credit Debentures 200,000

About This Question

This is Post Utme Lead City University 2021 Accounting Question 1. It is one of the objective questions from the 2021 Post Utme Lead City University Accounting examination.

View More Post Utme Lead City University 2021 Accounting Questions More Post Utme Lead City University 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