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WAEC Commerce 2007 Question 19

Question 19

Business Calculations

A limited company has an authorized capital of 20,000,000 shares. If each share capital costs 50k and the company sold 12,000,000 shares. Its issued capital is

  1. A.₦16,000,000
  2. B.₦10,000,000
  3. C.₦6,000,000
  4. D.₦4,000,000.
Show the answer and explanation

Answer: C (₦6,000,000)

Explanation

Issued capital = 12,000,000 × ₦0.50 = ₦6,000,000.