| Use the following to answer this question. Industry ltd issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholders who owes ₦20,000. |
A. #70,000
B. ₦80,000
C. ₦220,000
D. ₦120,000
Correct Answer: Option B
B. ₦80,000
Explanation
Paid-up capital is the total amount paid up or credited as paid up, on the issued share capital.
From the question above, the issued share capital is ₦100,000 and two of the shareholder owes ₦20,000. Therefore, the paid-up is 100,000 – 20,000 = ₦80,000.
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