JAMB Accounting 2007 Objective — Question 13

Question 13 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 13 and 14. Shares issued = 80% of 1,000,000 = 800,000. Money received on second call at #0.05 per share. What would be the total amount received on second call?

A. 240,000
B. 280,000
C. 40,000Correct
D. 56,000

Explanation

Number of shares issued = 80% x 1,000,000 = 800,000. Money received on second call = #0.05 x 800,000 = #40,000.

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