Post Utme Uniport 2020 Accounting Question 40

Practice objective / multiple choice question 40 from the 2020 Post Utme Uniport Accounting examination.

Post Utme Uniport 2020 Accounting Objective / Multiple Choice
Question 40 POST_UTME_UNIPORT • 2020 • ACCOUNTING • objective

A company issued 10,000 shares of 1 par value at a premium of 3 per share. The company also issued 5,000 6% debentures of 100 each. Prepare the journal entry to record the issue of shares and debentures.

Answer Options

A. Debit Cash 30,000, Credit Share Capital 30,000, Credit Debentures 50,000
B. Debit Share Capital 30,000, Credit Cash 30,000, Credit Debentures 50,000
Correct Answer C. Debit Cash 30,000, Credit Share Capital 30,000, Credit Debentures 50,000
D. Debit Share Capital 30,000, Credit Cash 30,000, Credit Debentures 50,000
Correct Answer
C
Correct Option:
Debit Cash 30,000, Credit Share Capital 30,000, Credit Debentures 50,000

About This Question

This is Post Utme Uniport 2020 Accounting Question 40. It is one of the objective questions from the 2020 Post Utme Uniport Accounting examination.

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