Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.
The company’s paid-up capital is
A #70,000
B ₦80,000
C ₦220,000
D ₦120,000
Answer is B
Paid up capital is the total amount paid up or credited as paid up, on the issued share capital.
From the question above, the issued share capital is ₦100,000 and two of the shareholder owes ₦20,000. Therefore, the paid up is 100,000 – 20,000 = ₦80,000.
