JAMB Accounting 2016 Objective — Question 27

Question 27 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2016 Objective paper, with the correct answer and a full explanation.

27. Badge Plc issued 450,000 ordinary shares of 50k each at #1.50 per share. Application and allotment 45k; 1st call 50k; 2nd call 55k. Determine the amount received on final call. (a) #225,000 (b) #236,250 (c) #247,500 (d) #202,500

A. #225,000
B. #236,250
C. #247,500Correct
D. #202,500

Explanation

The second call monies which is also the final call brought 55k×450,000=#247,500.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2016 Objective More Accounting past papers