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JAMB Principles of Accounts 2010 Question 47

Question 47

Company Accounts

An ordinary share of ₦80 was issued at ₦96. The share was issued at

  1. A.premium
  2. B.par
  3. C.discount
  4. D.loss.
Show the answer and explanation

Answer: A (premium)

Explanation

Issued above its nominal value, so it was issued at a premium.