JAMB - Accounts Principles Of Accounts (2010 - No. 37)
Given:
N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2 700 000
Long-term liabilities N4 000 000
Find the value of authorized share capital?
13 000 000
12 000 000
9 000 000
15 700 000
Explanation
6000 x 0.50 = 3000
6000 x 1 = 6000
3000 + 6000 = 9000
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