Where a company acquires controlling shares of another and the consideration is paid in cash,…

Accounts - Principles of Accounts JAMB 2001

Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`

  • investment and credit cash
  • investment and credit shares
  • purchases and credit cash checkmark
  • purchases and credit shares

The correct answer is: C

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