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

Assessment: JAMB UTME - Principles of Accounts - 2010 Subject: Financial Accounting

Question 1 Report

An ordinary share of ₦80 was issued at ₦96. The share was issued at?
Answer Details
An ordinary share of ₦80 was issued at ₦96, which means it was issued at a premium. This is because the issue price of ₦96 is higher than the nominal or face value of the share, which is ₦80. The amount of the premium is calculated as the difference between the issue price and the face value, which in this case is ₦16 (₦96 - ₦80).
Read lesson note on Miscellaneous Accounts (WAEC)
Read lesson note on The Accounting Equation And Double Entry Principle (WAEC)
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