Use the information below to answer question . A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call. What would be the total amount received on second call?

Use the information below to answer question .

A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

What would be the total amount received on second call?

A N240 000
B N280 000
C N40 000
D N56 000

jamb 2007 accounting

The correct answer is C. N40 000

No explanation given

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