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Oceana Ltd Issued 1 000 000 Ordinary Shares on 21

Question 20

Multiple Choice

Oceana Ltd issued 1 000 000 ordinary shares on 21 November 20X1 under the following terms:
Issue price: $2.50
Initial called up amount: $1.00
Call of $0.75 on 21 May 20X2
Final call of $0.75 on 21 November 20X2
Peter Smith was issued 10 000 shares and his friend Wilma Jones was issued 20 000 shares.
-On 21 May 20X2, Peter did not pay his call but all other shareholders did pay.At 30 June 20X2, Peter still had not paid.At 30 June 20X2, the:


A) paid-up amount of Oceana Ltd's capital is $742 500
B) called-up amount of Oceana Ltd's capital is $750 000
C) paid-up amount of Oceana Ltd's capital is $1 742 500
D) paid-up amount and the called-up amount of Oceana Ltd's capital is $1 750 000

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