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JAMB Commerce 2010 Question 29

Question 29

Business Calculations

A public company with an authorized capital of N60,000, issued 36,000 shares at 150k each. What is its capital?

  1. A.₦60,000
  2. B.₦36,000
  3. C.₦54,000
  4. D.₦90,000
Show the answer and explanation

Answer: C (₦54,000)

Explanation

Capital raised = 36 000 × ₦1.50 = ₦54 000.