O-LevelCommerceBusiness enterprise7100/11 · Oct/Nov 2020 · Q361 Mark

When all the assets of a limited company that has ceased to trade have been sold, it still has liabilities of $250 000. To pay off that debt, how much will each of its 20 shareholders be liable for?

A$12500

Bcontribution determined by the type of share they own

Ccontribution determined by the value of their shareholding

Dzero liability

✓ Correct answer

D: zero liability

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Topic: Business enterprise, O-Level Commerce (syllabus 7100). Multiple choice, 1 mark.
Source: O-Level Commerce, Oct/Nov 2020 Paper 1 Variant 1, question 36.

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