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
Correct Answer: Option A
Explanation
46k x 500,000 = 23,000,000 k
23000000 / 100 = 230,000