Post Utme Unn 2017 Accounting Question 11

Practice objective / multiple choice question 11 from the 2017 Post Utme Unn Accounting examination.

Post Utme Unn 2017 Accounting Objective / Multiple Choice
Question 11 POST_UTME_UNN • 2017 • ACCOUNTING • objective

A company issued 10,000 shares of ₦5 each at a premium of ₦2. The shares were sold for ₦7 each. Prepare the journal entries for the issue of shares and the sale of shares.

Answer Options

Correct Answer A. Debit Share Capital ₦100,000, Credit Cash ₦100,000
B. Debit Share Capital ₦50,000, Credit Cash ₦50,000
C. Debit Share Capital ₦200,000, Credit Cash ₦200,000
D. Debit Share Capital ₦150,000, Credit Cash ₦150,000
Correct Answer
A
Correct Option:
Debit Share Capital ₦100,000, Credit Cash ₦100,000

About This Question

This is Post Utme Unn 2017 Accounting Question 11. It is one of the objective questions from the 2017 Post Utme Unn Accounting examination.

View More Post Utme Unn 2017 Accounting Questions More Post Utme Unn 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