JAMB - Accounts Principles Of Accounts (2024 - No. 9)
The following accounts have debit balances except
share premium
rents and rates
return inwards
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Explanation
Share premium is different. When a company issues shares at a price exceeding their par value, the excess amount is recorded as a credit balance in the share premium account. It represents additional capital received from shareholders beyond the face value of the shares.
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