Post Utme Unn 2017 Accounting Question 14

Practice objective / multiple choice question 14 from the 2017 Post Utme Unn Accounting examination.

Post Utme Unn 2017 Accounting Objective / Multiple Choice
Question 14 POST_UTME_UNN • 2017 • ACCOUNTING • objective

A company issued 10,000 debentures of ₦100 each at a discount of 5%. The debentures were issued at a premium of ₦2. Prepare the journal entries for the issue of debentures.

Answer Options

A. Debit Debenture Capital ₦950,000, Credit Cash ₦950,000
B. Debit Debenture Capital ₦1,000,000, Credit Cash ₦1,000,000
Correct Answer C. Debit Debenture Capital ₦1,050,000, Credit Cash ₦1,050,000
D. Debit Debenture Capital ₦1,100,000, Credit Cash ₦1,100,000
Correct Answer
C
Correct Option:
Debit Debenture Capital ₦1,050,000, Credit Cash ₦1,050,000

About This Question

This is Post Utme Unn 2017 Accounting Question 14. It is one of the objective questions from the 2017 Post Utme Unn Accounting examination.

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