Given:
Authorized Capital: N
100,000 ordinary shares of N 1 cash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% preference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
A. N 60,000
B. N75,000
C. N85,000
D. N185,000
Correct Answer:
Option C – N85,000
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