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when shares issued are paid for, accounting entry required is

Accounts - Principles of Accounts
JAMB 1994

when shares issued are paid for, accounting entry required is
  • A. debit bank or cash account and credit share capital and/or premium account
  • B. credit bank or cash account and debit share capital and/or premium account
  • C. debit shares account and credit capital account
  • D. credit shares account and debit capital account
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Correct Answer: Option A
Explanation
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995