Post Utme Oau 2017 Accounting Question 36

Practice objective / multiple choice question 36 from the 2017 Post Utme Oau Accounting examination.

Post Utme Oau 2017 Accounting Objective / Multiple Choice

Question 36 POST_UTME_OAU • 2017 • ACCOUNTING • objective

A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Prepare the journal entry to record the issue of debentures.

Correct Answer A. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000

B. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000, Credit Bank ₹ 50,000

C. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000, Credit Bank ₹ 50,000, Credit Discount ₹ 50,000

D. Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000, Credit Bank ₹ 50,000, Credit Discount ₹ 50,000, Credit Profit and Loss ₹ 50,000

Correct Answer

Correct Option:

Debit Debenture Discount ₹ 50,000, Credit Cash ₹ 4,95,000

This is Post Utme Oau 2017 Accounting Question 36. It is one of the objective questions from the 2017 Post Utme Oau Accounting examination.

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