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JAMB Principles of Accounts 2013 Question 36

Question 36

Company Accounts

When a share valued at 50k is issued at ₦1.50, it is said to be issued at

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

Answer: B (premium.)

Explanation

It is issued above its nominal value, so it is at a premium.