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,
₦ Profit and loss appropriation b/f10,000 Net profit for the year6,000 Proposed dividend on ordinary shares4,000 Interim dividend6,000 Goodwill written off 600
The authorized capital of Tale Ltd is
A ₦176,000
B ₦166,000
C ₦160,000
D ₦16,000
Answer is C
