Use the Following Information to Answer Questions

question 13

Multiple Choice

Use the following information to answer questions
A company’s capital consists of 50 000 ordinary shares issued at £2 and paid to £1 per share.
On 1 September, a first call of 50c was made on the ordinary shares. By 30 September, the call money received amounted to £22 500. No further payments were received, and on 31 October, the shares on which calls were outstanding were forfeited. On 15 November, the forfeited shares were reissued as paid to £1.50 for a payment of £1 per share. The appropriate cash amount from the reissue was received on 19 November. Costs of reissue amounted to £2 000. The company’s constitution provided for any surplus on resale, after satisfaction of unpaid calls, accrued interest and costs, to be returned to the shareholders whose shares were forfeited.

-The amount of the surplus payable to the shareholders whose shares were forfeited is:

• A) £5000;
• B) £500;
• C) £2500;
• D) £3000.

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Definitions:

Historical School

A school of jurisprudence that uses traditions as the model for future laws and behavior. Also called tradition or custom.

Statute

A written law passed by a legislative body at the federal or state level, setting forth regulations, provisions, and penalties.

Common Law

A legal system based on custom and court rulings rather than written laws, primarily in English-speaking countries.

Cell Phone Usage

The rules or guidelines governing the use of mobile phones in various contexts, such as driving or in certain public spaces.