JAMB Accounting 2014 Objective — Question 47
Question 47 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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Oil and Buns issued to the public 1,300,000 ordinary share of 75k at a price of #1.50. Application and allotment were received for 900,000 shares 25k each. Determine the amount received on application and allotment.
- A. N224,950
- B. N225,000Correct
- C. N324,950
- D. N325,000
Explanation
Amount received on application and allotment = N0.25×900,000 = N225,000.
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