Accounting Archives - Page 86 of 386

The second and final call account was debited with?

A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the...

The share premium account would be?

by Sunday | Dec 4 | Accounting JAMB

A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the...

In a partnership account; conversation of non-cash assets into cash is referred to as?

by Sunday | Dec 4 | Accounting JAMB

A. realization B. disposal C. dissolution D. revaluation Correct Answer: Option A – realization Explanation Realization account refers to an account opened by the firm when it goes to dissolution to record the profit made from the sale of assets and loss...