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The Details Below Were Extracted from the Accounting Records of Great

Question 38

Multiple Choice

The details below were extracted from the accounting records of Great South East Ltd (a company in the process of liquidation) .
The details below were extracted from the accounting records of Great South East Ltd (a company in the process of liquidation) . Assume that the constitution of Great South East 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, what is the amount of the actual refund or call? A) A refund of $10 000. B) A refund of $7 500. C) A call of $7 500. D) A call of $60 000.
Assume that the constitution of Great South East 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, what is the amount of the actual refund or call?


A) A refund of $10 000.
B) A refund of $7 500.
C) A call of $7 500.
D) A call of $60 000.

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