Given:
N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2,700,000
Long-term liabilities N4,000,000
Find the value of authorized share capital?
13,000,000
12,000,000
9,000,000
15,700,000
Correct answer is C
6000 x 0.50 = 3000
6000 x 1 = 6000
3000 + 6000 = 9000