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If the purchase price exceeds the net assets of a company, the excess amount is...

Accounts - Principles of Accounts
JAMB 2018

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

  • A. Cash account
  • B. purchase account
  • C. goodwill account
  • D. sales account
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Correct Answer: Option C
Explanation

Goodwill is the excess of purchase consideration over the total value of the business

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