Use the information below to answer question . A company's authorized share capital was one...
FINANCIAL
JAMB 2007
Use the information below to answer question .
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
The total amount of money received on application was?
- A. N560 000
- B. N220 000
- C. N800 000
- D. N1000 000
Correct Answer: A. N560 000
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *