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:- Amount received at the time of First and Final call is _______.
Option 1: Rs. 2,37,500
Option 2: Rs. 2,50,000
Option 3: Rs. 2,22,000
Option 4: Rs. 2,38,000
Correct Answer: Rs. 2,37,500
Solution : Answer = Rs. 2,37,500
Number of shares after forfeiture = 50,000 - 2,500 (shares allotted). Call money = Rs.5. The amount received on call = Rs.47,500 X 5 = Rs.2,37,500.
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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