Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 6,000 shares, could not pay the call money and his shares were accordingly forfeited.
Question:- At the time of allotment of shares, share capital will be credited with _______.
Option 1: Rs. 3,60,000
Option 2: Rs. 1,50,000
Option 3: Rs. 2,10,000
Option 4: None of these
Correct Answer: Rs. 1,50,000
Solution : Answer = Rs. 1,50,000
The amount credited to the share capital account at the time of allotment = Rs.50,000 X 3 = Rs.1,50,000.
Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money
Question :
X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on
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