A company issued 300,000 ordinary shares to the public, priced at $1. The shares were payable as 50 cents on 1 July 2015 with 50 cents uncalled. How much cash was due to the company on 1 July 2015 from the issue?

Question

Quizplus · Accepted Answer

The company issued 300,000 ordinary shares priced at $1, therefore the total value of the shares issued was 300,000 x $1 = $300,000. Each share was payable as 50 cents on 1 July 2015 with 50 cents uncalled. Therefore, the company was due to receive 50 cents x 300,000 shares = $150,000 on 1 July 2015.

A Company Issued 300,000 Ordinary Shares to the Public, Priced