The Details Below Were Extracted from the Accounting Records of Capricorn

question 26

Multiple Choice

The details below were extracted from the accounting records of Capricorn Ltd (a company in the process of liquidation) . $\begin{array}{ll}\text {\( 100000 \$ 1 \) preference shares fully paid }&\$ 100,000\\\text {\( 200000 \$ 1 \) ordinary shares paid to 50 cents }&100,000\\&\$200,000\\\text { Cash available (after payment of all creditors) }&\$20,000\end{array}$
Assume that the constitution of Capricorn Ltd states that in the event of liquidation, all shares are to rank equally, based on the number of shares held, in distributing any surplus or deficiency.
For ordinary shareholders, the amount of the actual refund or call is:

• A) A call of $220 000.
• B) A call of $100 000.
• C) A refund of $20 000.
• D) A refund of $100 000.

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Definitions:

Passing Away

A euphemism for dying or death.

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A communication strategy used to make a request seem less direct or imposing.

Main Request

The primary or most significant demand, question, or objective put forward by someone, often in the context of negotiation, inquiry, or communication.

Clear Statement

A declaration or expression that is easy to understand due to its simplicity and lack of ambiguity.