O-LevelAccountingPreparation of financial statements7707/12 · May/June 2024 · Q231 Mark

T Limited was formed on 1 April 2019. A total of 220 000 shares of $2 each were issued and shareholders were asked to pay 75% of the share value immediately and 25% on 1 April 2020. By 1 June 2019 holders of 190 000 shares had paid the amount due. What was the paid up capital on 1 June 2019?

A$285 000

B$330 000

C$380 000

D$440 000

✓ Correct answer

A: $285 000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2024 Paper 1 Variant 2, question 23.

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T Limited was formed on 1 April 2019. A total of 220 000 shares of $2 each were issued and shareholders were asked to pay 75% of the share value immediately and 25% on 1 April 2020. By 1 June 2019 holders of 190 000 shares had paid the amount due. What was the paid up capital on 1 June 2019?

✓ Correct answer

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