For Fundamentals of Accounting

Y Ltd issued 800 000 ordinary shares of 20 cents each at 25 cents each. At the point of issue all shares were fully called up. However, by the year- end R15 000 due on the share issue was yet to be received. What will be the amount reported as balance in the company's Share Capital account? Select one: O a. R145 000 O b. R185 000 O c. R160 000 O d. R200 000 As at 31st March 2011 ZBB Ltd has in issue 100 million ordinary shares of R1 each, 80 cent called up. On that day Terry paid 120 cent per share to buy 4 000 ordinary shares from Lester. In the event ZBB Ltd becomes insolvent and is unable to meet in full its debts, what is the maximum Terry may be required to pay from his personal resources? Select one: O a. R4 000 O b. R2 000 O c. R Nothing O d. R800