JAMB Accounting 2022 Objective — Question 12

Question 12 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

12. If N450,000 is received for a share of N1 par value issued at N1:50k, how many shares will be issued?

A. (A) 450,000 shares
B. (B) 675,000 shares
C. (C) 300,000 sharesCorrect
D. (D) 400,000 shares

Explanation

Number of shares = Amount received ÷ Issue price = N450,000 ÷ N1.50 = 300,000 shares.

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