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ACCOUNT

JAMB 2023 - Question 40

Account 2023 JAMB Past Questions - Question 40: The part of capital issued only at the time of liquidation of the company is

The part of capital issued only at the time of liquidation of the company is

A: issued capital

B: called-up capital

C: paid-up capital

D: reserved capital

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Correct Answer

Explanation

A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. Such uncalled amount is called 'Reserve Capital' of the company. It is available only for the creditors on winding up of the company.