Post Utme Pan Atlantic University 2017 Accounting Question 21

Practice objective / multiple choice question 21 from the 2017 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2017 Accounting Objective / Multiple Choice
Question 21 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2017 • 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 for the issue of shares.

Answer Options

Correct Answer A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Cash 40,000
C. Debit Share Capital 40,000, Credit Cash 30,000
D. Debit Share Capital 40,000, Credit Cash 40,000
Correct Answer
A
Correct Option:
Debit Share Capital 30,000, Credit Cash 30,000

About This Question

This is Post Utme Pan Atlantic University 2017 Accounting Question 21. It is one of the objective questions from the 2017 Post Utme Pan Atlantic University Accounting examination.

View More Post Utme Pan Atlantic University 2017 Accounting Questions More Post Utme Pan Atlantic 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