Question on: WAEC Accounting - 2008
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\ \text{Profit and loss appropriation b/f} & 10,000\ \text{Net profit for the year} & 6,000\ \text{Proposed dividend on ordinary shares} & 4,000\ \text{Interim dividend} & 6,000\ \text{Goodwill written off} \ 600\end{array}\)
The authorized capital of Tale Ltd is
\(\begin{array}{c|c} & ₦\ \text{Profit and loss appropriation b/f} & 10,000\ \text{Net profit for the year} & 6,000\ \text{Proposed dividend on ordinary shares} & 4,000\ \text{Interim dividend} & 6,000\ \text{Goodwill written off} \ 600\end{array}\)
The authorized capital of Tale Ltd is
A
₦176,000
B
₦166,000
C
₦160,000
D
₦16,000
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Correct Option: C
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