JAMB Accounting 2013 Objective — Question 44
Question 44 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.
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Given: Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of ₦1:00 each at ₦1:10 per share payable as follows: On application 46k, On allotment 20k, 1st Call 15k, 2nd Call 19k How much is to be paid for application?
- A. ₦230,000Correct
- B. ₦280,000
- C. ₦500,000
- D. ₦550,000
Explanation
Application money = ₦0.46 × 500,000 = ₦230,000.
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