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
Equity Shares First Call A/c ...Dr.
6,00,000
To Equity Share Capital A/c
(First call money due on 2,00,000 shares @ Rs. 3 per share)
Bank A/c ...Dr. Calls-in-Arrears A/c ...Dr.
5,82,000
30,000
To Equity Shares First Call A/c
To Calls-in-Advance A/c
12,000
(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.
The
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
Question : Calculate the amount of second & final call when ABC Ltd, issues Equity shares of Rs. 10 each at a premium of 20%. payable on Application Rs.3. On Allotment Rs.5. On first Call Rs.2.
Question : On 1st April, 2012, Vishwas Ltd. was formed with an authorised capital of Rs. 10,00,000 divided into 1,00,000 equity shares of Rs. 10 each. The company issued prospectus inviting applications for 90,000 equity shares. The company received applications for 85,000
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