O-LevelAccountingPreparation of financial statements7707/12 · May/June 2013 · Q251 Mark
Owusu Ltd was formed with an authorised share capital of 1000000 ordinary shares of $0.80 each. It issued 60% of these on 1 April 2013, with half the value being paid immediately and half to be paid a year later. What was the value of the issued capital and called up capital on 1 April 2013?
Aissued capital $: 240 000, called up capital $: 240 000
Bissued capital $: 480 000, called up capital $: 240 000
Cissued capital $: 480 000, called up capital $: 480 000
Dissued capital $: 600 000, called up capital $: 300 000
✓ Correct answer
B: issued capital $: 480 000, called up capital $: 240 000
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