Question : The Kerala Coir Mills Ltd., with an authorised capital of 5,00,000 Equity Shares of Rs. 10 each, issued 2,00,000 Equity Shares, payable Rs. 3 on application, Rs. 2 on allotment, Rs. 3 on first call and Rs. 2 on second and final call.
The amount due on allotment was received. On the first call being made, one shareholder holding 6,000 Equity Shares paid second and final call along with the first call while five shareholders with a total holding of 10,000 Equity Shares did not pay the first call on their Equity Shares. The company has not demanded the second and final call.
Question:- Call – in arrears will be debited by _____ at the time of first call.
Option 1: Rs. 30,000
Option 2: Rs. 12,000
Option 3: Rs. 40,000
Option 4: None of the above
Correct Answer: Rs. 30,000
Solution : Answer = Rs. 30,000
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Equity Shares First Call A/c ...Dr. |
6,00,000 |
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|
To Equity Share Capital A/c (First call money due on 2,00,000 shares @ Rs. 3 per share) |
6,00,000 |
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Bank A/c ...Dr. Calls-in-Arrears A/c ...Dr. |
5,82,000 30,000 |
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To Equity Shares First Call A/c To Calls-in-Advance A/c |
6,00,000 12,000 |
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|
(First call money received except on 10,000 shares @ Rs. 3 per share and final call of Rs. 2 per share on 6,000 shares received in advance) |
Hence, the correct option is 1.
