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Given: Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of...

Accounts - Principles of Accounts
JAMB 2013

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. #230,000
  • B. #280,000
  • C. #500,000
  • D. #550,000
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Correct Answer: Option A
Explanation

46k x 500,000 = 23,000,000 k

23000000 / 100 = 230,000

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