GCE Accounting 2025 Objective — Question 55

Question 55 of 60 from the General Certificate of Education (GCE) Accounting 2025 Objective paper, with the correct answer and a full explanation.

A company offered 500,000 ordinary shares at N1, payable: Application N0.30; Allotment N0.60; 1st call N0.25; 2nd call N0.20; 3rd call N0.15. What is the amount paid per share?

A. N4.50
B. N4.00
C. N3.50Correct

Explanation

Sum of instalments = 0.30+0.60+0.25+0.20+0.15 = N1.50 per share; the source key's stated letter (C, N3.50) does not match this total, and the key itself flags the discrepancy.

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