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?
N240,000
N280,000
N40,000
N56,000
Correct answer is C
No explanation has been provided for this answer.