WAEC SSCE - Financial Accounting - 1999

When a shareholder fails to pay the calls requested from him, this situation leads to

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When a shareholder fails to pay the calls requested from him, this situation leads to the forfeiture of shares. A call is a request for payment made by a company to its shareholders, asking them to pay the remaining amount due on their shares. When a shareholder fails to pay the call, the company has the right to forfeit or cancel the shares held by the shareholder. Forfeiture of shares is a serious consequence for the shareholder, as they lose their investment in the company and all rights associated with the shares. The company can then sell the forfeited shares to recover the unpaid amount, but any excess amount obtained from the sale will be paid to the shareholder. The forfeiture of shares is a legal process that requires the company to follow the procedures specified in the articles of association and the Companies Act. These procedures may include giving notice to the shareholder, holding a board meeting to declare the forfeiture, and canceling the shares in the company's register of members. In summary, the failure to pay calls requested by a company can result in the forfeiture of shares, which means the shareholder loses their investment in the company and all rights associated with the shares.

Which of the following will not make a trial balance total to agree?

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Profit expressed as a proportion of cost price is

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Creditors at start was N4,650 and at close N2,480, cash paid to suppliers during the year amounted to N12,000. Credit purchases for the year is valued at

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Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
Their profit sharing ratio is

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Use the following information to answer the
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
The total cash payments during the month is

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A trial Balance is the

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A trial balance is a list of all the balances extracted from the ledger accounts of a business at a given point in time. It is used to ensure that the total debits equal the total credits in the accounts, thereby providing a preliminary check on the accuracy of the accounting records. The trial balance lists all accounts in the ledger, including both the debit and credit balances. The debit balances are listed in the left-hand column, while the credit balances are listed in the right-hand column. The total of the debit column should equal the total of the credit column, as the basic principle of double-entry bookkeeping requires that every transaction has an equal debit and credit. The trial balance is an important tool for detecting errors in the accounting records, such as transposition errors, omission of entries, or incorrect postings. However, it is important to note that the trial balance does not guarantee the accuracy of the accounts, as errors can still occur even if the total debits equal the total credits. In summary, a trial balance is a list of all the balances extracted from the ledger accounts of a business, which is used to ensure that the total debits equal the total credits and provides a preliminary check on the accuracy of the accounting records.

Dividend proposed by a company is shown in its Balance Sheet as

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Dividend proposed by a company is shown in its Balance Sheet as a current liability. This is because the dividend declared but not yet paid represents a debt that the company owes to its shareholders. The dividend becomes a current liability after the board of directors has proposed it, but it has not yet been paid out to the shareholders. Once the dividend is paid, it is then recorded as a reduction in the company's cash balance and the liability is removed from the balance sheet.

Carriage outwards is charged to

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Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The company's paid-up capital is

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Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
What is Balla's Current Account balance as at 31/3/99?

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In-not-profit-making organizations, accumulated fund is the name for

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In non-profit-making organizations, the accumulated fund is the name for the capital that is accumulated over time through surplus revenue, donations, grants, and other sources. It is similar to the retained earnings in for-profit organizations, but instead of being used to pay dividends or distribute profits to shareholders, it is used to fund future projects, initiatives, and activities of the non-profit organization. The accumulated fund is an important financial indicator of the financial stability and sustainability of a non-profit organization.

Use the following information to answer the
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
How many bits make 1 byte?

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Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?

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Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the working capital?

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Working capital is calculated as the difference between current assets and current liabilities. Current assets = Stock + Debtors + Bank = N22,000 + N26,000 + N40,000 = N88,000 Current liabilities = Creditors + Accrued wages = N10,000 + N12,000 = N22,000 Therefore, Working capital = Current assets - Current liabilities = N88,000 - N22,000 = N66,000 Hence, the answer is N66,000.

Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The debt to equity ratio is

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A sale of goods to audu was not posted. This is an error of

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The error of not posting a sale of goods to Audu is called an "omission". This means that something was left out or not done that should have been done. In this case, the sale of goods to Audu was not recorded, which is an important task in accounting. Omission errors can happen by mistake or intentionally, but they can have serious consequences for the accuracy of financial records and reporting. It is important to identify and correct omissions as soon as possible to ensure the integrity of financial information.

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?

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Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The equity capital is

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Which of the following is not a revenue expenditure ?

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The term "revenue expenditure" refers to money that a company spends in order to maintain or run its daily operations. These expenditures are generally short-term expenses that are incurred on a regular basis and do not result in the creation of any long-term asset. Revenue expenditures are typically charged against revenues of the current accounting period. Out of the given options, "extension of building" is not a revenue expenditure. This is because the extension of a building is a capital expenditure, which refers to money that is spent on acquiring or improving a long-term asset, such as a building or equipment, and is intended to benefit the company over the long term. When a company extends its building, it is making a significant investment that will provide a long-term benefit to the business, such as the ability to accommodate more staff or equipment. As such, the cost of building extension is treated as a capital expenditure and is typically amortized over a number of years rather than being charged against revenues of the current accounting period. Therefore, the correct answer is "extension of building."

Which of the following is a contra entry?

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Deferred charges are also known as

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Deferred charges refer to costs that a business incurs in the current accounting period, but which will be charged to expense in future periods. They are also known as prepaid expenses or prepayments. An example of a deferred charge is an insurance premium that is paid in advance for coverage over a future period. The business records the payment as an asset on the balance sheet, as the cost has not yet been incurred, and charges it to expense over the term of the policy. Other examples of deferred charges include rent, subscriptions, and taxes that are paid in advance for future periods. By deferring these costs, a business can better match expenses with the revenues they generate, providing a more accurate picture of its financial performance over time. In summary, deferred charges are costs that are paid in the current accounting period but are charged to expense in future periods. They are also known as prepaid expenses or prepayments, and examples include insurance premiums, rent, subscriptions, and taxes.

Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
What is chike's share of profit from the partnership for the year ended 31/3/99 ?

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Carriage outwards is charged to

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Discount received is

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Discount received is credited to the Profit and Loss Account. A discount is a reduction in the price of goods or services that a company offers to its customers. When a company receives a discount from its supplier for prompt payment or for some other reason, it is called a discount received. For example, if a company buys goods for $1,000 and receives a 5% discount for paying within 10 days, it will only pay $950. Discount received is considered as an income for the business, which means it increases the profit of the business. Therefore, it is credited to the Profit and Loss Account of the company. The Profit and Loss Account is an important financial statement that shows the revenues and expenses of a business over a specific period of time. The net profit or loss of the business is calculated by deducting the total expenses from the total revenue. In summary, discount received is credited to the Profit and Loss Account because it is considered as income for the business and it increases the profit of the business. Therefore, the correct answer is option C, credited to the Profit and Loss Account.

The authority of the Accountant General to disburse from government fund is called

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The authority of the Accountant General to disburse from government fund is called a warrant. A warrant is a written order or authorization issued by a competent authority, directing the Accountant General or any other appropriate officer to make payment from government funds for a specific purpose or to a specific person or entity. The warrant serves as a formal record of the approval and authorization for the expenditure and helps to ensure that government funds are spent only for the intended purposes and in accordance with established procedures and guidelines.

Use the following information to answer the
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
The cash in hand on 31st July is

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To calculate the cash in hand on 31st July, we need to subtract all the cash payments made from the cash receipts. Starting with the opening cash balance of N420, we have: - Cash at bank = N6,500 - Cash payments made: - Paid Asaolu T. by cheque = N1,500 - Paid transport by cash = N42 - Paid Haruna by cheque = N1,200 - Paid Umana by cash = N100 - Paid wages by cash = N1,500 - Total cash payments = N4,342 - Cash receipts: - Received cheque from Olawoyin = N3,600 - Cash sales to date = N1,800 - Total cash receipts = N5,400 To calculate the cash in hand, we subtract the total cash payments from the opening cash balance plus the total cash receipts: Cash in hand = Opening cash balance + Total cash receipts - Total cash payments Cash in hand = N420 + N5,400 - N4,342 Cash in hand = N1,478 Therefore, the cash in hand on 31st July is N1,478. Answer option (C) N1,642 is not correct.

Which of the following is does not relate to a non-for-profit-making organization?

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The option that does not relate to a non-for-profit-making organization is the Profit and Loss Account. Non-for-profit-making organizations, as the name suggests, are not established for the purpose of making profits. These organizations operate with a different motive, such as providing charitable services, promoting a cause, or carrying out religious or educational activities. As such, their financial statements differ from those of profit-making organizations. A non-for-profit-making organization prepares a Receipts and Payments Account and a Balance Sheet, which provides a summary of cash receipts and payments, and the organization's financial position, respectively. The Receipts and Payments Account shows the cash and bank transactions of the organization, while the Balance Sheet shows the organization's assets, liabilities, and capital at a particular point in time. Ledger accounts are used to record all financial transactions of an organization, including non-for-profit-making organizations. Ledger accounts are used to summarize the transactions and provide information for the preparation of financial statements. However, the Profit and Loss Account relates to a profit-making organization and is used to determine the net profit or loss of the organization over a specific period. A non-for-profit-making organization does not have a Profit and Loss Account, as its aim is not to generate profits. Therefore, the correct answer is "Profit and Loss Account".

The purpose of the trading account is to ascertain

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The purpose of the trading account is to ascertain the gross profit earned or loss incurred by a business during a specific accounting period. The trading account takes into account the cost of goods sold (opening stock + purchases - closing stock) and the revenue earned from sales. The difference between the cost of goods sold and revenue earned gives the gross profit or loss. Therefore, the trading account is used to determine the profitability of a business's core operations, which is the buying and selling of goods or services. It does not include any other expenses such as distribution expenses or carriage outwards, which are accounted for in separate accounts.

Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?

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Which of the following is the memory part that is available for use by the computer user?

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The memory part that is available for use by the computer user is called RAM, which stands for Random Access Memory. RAM is a type of computer memory that can be accessed randomly, meaning any byte of memory can be accessed without touching the preceding bytes. When you run programs or open files on your computer, they are loaded into RAM temporarily to be accessed quickly by the computer's processor. RAM is also known as the computer's short-term memory because it only stores information while the computer is turned on. Once the computer is shut down, the information stored in RAM is lost. In simple terms, RAM is the memory space where your computer stores data and programs that are currently in use, allowing the computer to access them quickly. Unlike ROM (Read-Only Memory), which is a type of memory that stores permanent data and cannot be modified by the user, RAM is temporary and can be accessed and modified as needed by the user.

The main classes of shares are

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The main classes of shares are ordinary shares and preference shares. Ordinary shares, also known as common shares, are the most common type of share issued by a company. These shares represent ownership in a company and typically give the shareholder voting rights and the right to receive dividends. The dividends paid on ordinary shares are not fixed and can vary depending on the company's profitability and other factors. Preference shares, on the other hand, are a type of share that gives the shareholder a fixed dividend payment before any dividends are paid to holders of ordinary shares. This means that preference shareholders have priority over ordinary shareholders when it comes to receiving dividend payments. However, preference shareholders do not usually have voting rights in the company. Companies may issue different classes of shares to meet specific investor needs or to raise capital in a more flexible way. For example, a company may issue different classes of preference shares with different dividend rates or redemption features. However, the two main classes of shares that are most commonly issued by companies are ordinary shares and preference shares. Therefore, the correct answer is option C, ordinary shares and preference shares.

The total share capital which a company would be allowed to issue is known as

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The total share capital that a company is allowed to issue is known as authorized share capital. This is the maximum amount of money that a company can raise by issuing shares to investors. It is set out in the company's articles of association and can be changed by a resolution of the shareholders. The authorized share capital is not necessarily equal to the issued share capital, which is the actual amount of shares that have been sold or issued to shareholders. The working capital and fixed capital are different types of financial resources that a company may have, but they are not directly related to the share capital.

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is

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The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is N1,250. The debtors' balance is the amount of money owed to the business by its customers at a particular point in time. To calculate the debtors balance, we start with the opening balance of debtors (i.e., the amount owed at the beginning of the year), add any credit sales made during the year, and then subtract any cash received from debtors, bad debts written off, and any discounts allowed. In this case, we start with the opening balance of debtors, which is N2,000. We then subtract the cash received from debtors (N6,000), bad debts written off (N750), and discounts allowed (N500), giving us a balance of N2,000 - N6,000 - N750 - N500 = N1,250. Therefore, the debtors balance to be shown in the Balance Sheet at 31st December, 1998 is N1,250.

One mega byte is equal to

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Into how many major types can general purpose computers be classified?

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A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as

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A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as a debenture. A debenture is a type of long-term debt instrument issued by companies, which is backed by the issuer's reputation and creditworthiness. It is a bond that provides investors with a fixed rate of return and is generally unsecured, meaning there is no collateral attached to it. Debentures are typically issued with a fixed interest rate, which is paid out to investors on a regular basis until the bond reaches maturity. At maturity, the principal amount of the debenture is repaid to the investor.

Use the following information to answer the
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
The cash at bank on 31st July is

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To determine the cash at bank on 31st July, we need to add up all the cash inflows and outflows that were made through the bank account. Cash inflows through bank account: - Cheque received from Olawoyin: N3,600 Cash outflows through bank account: - Payment made to Asaolu T. by cheque: N1,500 - Payment made to Haruna by cheque: N1,200 Therefore, the total cash at bank on 31st July is: N6,500 + N3,600 - N1,500 - N1,200 = N7,400 Hence, the answer is N7,400.

Which of the following is nit a petty cash book item? purchase of

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The item that is not a petty cash book item is "machinery". Petty cash book items are small and regular expenses that a company incurs in its day-to-day operations, such as stationery, office supplies, snacks, postage, and transportation costs. Machinery, on the other hand, is a big-ticket item that is not typically purchased using petty cash. It usually requires a purchase order, invoice, and approval process, and it is accounted for as a fixed asset in the company's balance sheet. Stamps, office pins, and milk are all examples of items that can be purchased using petty cash, as they are small and regular expenses that can be easily reimbursed from the petty cash fund.

Recurrent expenditure of government is paid from

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Recurrent expenditure of a government is typically paid from the consolidated fund. The consolidated fund is the main account of the government where all revenues are deposited and from which all expenditures are made. It includes all government revenue from taxes, fees, and other sources, as well as receipts from loans and grants. Recurrent expenditures are those regular and routine expenses that are necessary for the ongoing operation of the government, such as salaries, pensions, maintenance, and other day-to-day expenses. These expenses are usually paid out of the consolidated fund because they are necessary for the smooth running of the government and the provision of services to citizens.

Purchases of goods from Obi had been entered in Obike's Account. This is an error of

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A suspense Account is used to

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A suspense account is used to record the difference between the debit and credit balances in the books of accounts until the errors are located and corrected. It is a temporary account that accommodates any imbalances in the accounting records and ensures that the trial balance can still be prepared. Once the errors are found, the necessary adjustments are made to the appropriate accounts, and the balance of the suspense account is transferred to the correct accounts in the general ledger. In summary, a suspense account helps to ensure accurate financial reporting by identifying and correcting errors in the accounting records.

Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the current ratio?

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Errors in the ledger can be corrected through

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Errors in a ledger can be corrected through the journal proper. The journal proper is a book of original entry where transactions that cannot be recorded in any other special journal are entered. It is used for recording infrequent transactions such as correcting errors in the ledger accounts. When an error is detected in a ledger account, it must be corrected to ensure that the financial statements are accurate. The correction can be made by preparing a journal entry that reverses the original error and records the correct transaction. This journal entry is then posted to the appropriate ledger accounts to correct the errors. Therefore, the correct answer to the question is the journal proper, as it is the only option that provides a platform for making journal entries to correct errors in the ledger accounts. The sales day book, purchases day book, and control account are all specialized journals that are used for recording specific transactions and cannot be used to correct errors in the ledger accounts.

Company tax paid is debited to

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Which of the following entries is made damaged goods are returned to the supplier?

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Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include

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A balance sheet is a

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A balance sheet is a financial statement that shows a company's assets and liabilities at a particular point in time. It provides a snapshot of the company's financial position, indicating what it owns (assets), what it owes (liabilities), and what remains for the owners of the company (equity). The balance sheet is one of the primary financial statements used by analysts, investors, and creditors to assess a company's financial health and stability.

Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?

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The vote book in governmental accounting is used to

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The vote book in governmental accounting is used to control expenditure. It is a document used to record the estimated cost of government activities or programs for a given period. The book helps to ensure that government spending stays within budgeted limits and that all transactions are authorized. It is also used to monitor actual expenditures and to ensure that funds are being used for their intended purpose. By keeping track of expenditures, the vote book helps to prevent fraud, misappropriation of funds, and other financial irregularities in government spending.

Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The unissued capital of the company is

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Authorized share capital is the maximum number of shares a company is allowed to issue. In this case, Umana Ltd. has an authorized share capital of N300,000 at N1 each, which means they can issue up to 300,000 shares. However, they only issued 200,000 shares at N1 each, which means they raised N200,000 in total from the shareholders. The amount they can still issue is the difference between their authorized share capital and the amount they have already issued, which is N300,000 minus N200,000, which equals N100,000. Now, all shareholders paid in full except one who owes N10,000. This means the company has received N10,000 less than they should have from that particular shareholder. However, this does not affect the total authorized share capital or the amount of unissued capital. Therefore, the unissued capital of the company is still N100,000. The correct answer is option D, N100,000.