Question on: JAMB Accounting - 2024
The following accounts have debit balances except
A
share premium
B
rents and rates
C
return inwards
D
advertising
Ask EduPadi AI for a detailed answer
Correct Option: A
Share Premium has a credit balance because it increases shareholders' equity. The others—rents and rates, return inwards, and advertising—are expenses or contra-revenue accounts, and therefore have debit balances.
Add your answer
Please share this, thanks!
No responses