Post Utme Nile University 2021 Accounting Question 20

Practice objective / multiple choice question 20 from the 2021 Post Utme Nile University Accounting examination.

Post Utme Nile University 2021 Accounting Objective / Multiple Choice
Question 20 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 20. It is one of the objective questions from the 2021 Post Utme Nile University Accounting examination.

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