ACCOUNTING

JAMB 2009 - Question 44

Account 2009 JAMB Past Questions - Question 44: A company advertised and issued 750,000, 12% preference shares of N 1 each to be issued at N1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorate basis The second and final call account was debited with

Choose the most appropriate option for the gap .
A company advertised and issued 750,000, 12% preference shares of N 1 each to be issued at N1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorate basis
The second and final call account was debited with
A:
B:
C:
D:
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Correct Answer

D

Explanation

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