Post Utme Nile University 2021 Accounting Question 19

Practice objective / multiple choice question 19 from the 2021 Post Utme Nile University Accounting examination.

Post Utme Nile University 2021 Accounting Objective / Multiple Choice
Question 19 POST_UTME_NILE_UNIVERSITY • 2021 • ACCOUNTING • objective

A company has the following transactions: Issued 10,000 shares at ₦10 per share; Purchased a new machine for ₦120,000. Prepare the journal entries for these transactions.

Answer Options

A. Debit Cash ₦100,000, Credit Share Capital ₦100,000
Correct Answer B. Debit Cash ₦100,000, Credit Share Capital ₦100,000; Debit Machine ₦120,000, Credit Cash ₦120,000
C. Debit Share Capital ₦100,000, Credit Cash ₦100,000
D. Debit Machine ₦120,000, Credit Cash ₦120,000
Correct Answer
B
Correct Option:
Debit Cash ₦100,000, Credit Share Capital ₦100,000; Debit Machine ₦120,000, Credit Cash ₦120,000

About This Question

This is Post Utme Nile University 2021 Accounting Question 19. It is one of the objective questions from the 2021 Post Utme Nile University Accounting examination.

View More Post Utme Nile University 2021 Accounting Questions More Post Utme Nile 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