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A share issued 5000 equity shares @ ₹10 each at par, on application ₹2, on allotment ₹3,on first call ₹4 balance on final call company subscribed 6000 equity shares, all shares were allotted and excess shares were adjusted on allotment money. All money were received except mr. ranjan shares who allotted 500 shares failed to pay allotment money?
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A share issued 5000 equity shares @ ₹10 each at par, on application ₹2...
Solution:

Given,
- Number of equity shares issued = 5000
- Face value of each share = ₹10
- Amount on application = ₹2
- Amount on allotment = ₹3
- Amount on first call = ₹4
- Balance on final call = ₹1
- Subscribed shares = 6000

Calculation:
- Total amount received on 5000 shares = (5000 x 10) = ₹50,000
- Amount received on application = (5000 x 2) = ₹10,000
- Amount received on allotment = (5000 x 3) = ₹15,000
- Amount received on first call = (5000 x 4) = ₹20,000
- Amount received on final call = (5000 x 1) = ₹5,000
- Total amount received = (10,000 + 15,000 + 20,000 + 5,000) = ₹50,000

As all the shares were allotted and excess shares were adjusted on allotment money, the company has no further liability towards the shareholders.

However, Mr. Ranjan has failed to pay the allotment money for the 500 shares allotted to him. In such a case, the company can take the following steps:

1. Forfeit the shares: The company can forfeit the shares allotted to Mr. Ranjan for non-payment of allotment money. Forfeiture means cancellation of shares and the shareholder loses all the rights and privileges associated with the shares. The forfeited shares can be reissued or sold to other investors.

2. Recovery of allotment money: The company can recover the allotment money from Mr. Ranjan along with interest and any other charges as per the terms of the prospectus.

3. Legal action: If Mr. Ranjan fails to pay the allotment money even after forfeiture of shares and recovery of money, the company can take legal action against him to recover the dues.

In conclusion, the company has no further liability towards the shareholders as all the shares were allotted and excess shares were adjusted on allotment money. However, the company can take appropriate steps to recover the allotment money from Mr. Ranjan who has failed to pay for the shares allotted to him.
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A share issued 5000 equity shares @ ₹10 each at par, on application ₹2...
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A share issued 5000 equity shares @ ₹10 each at par, on application ₹2, on allotment ₹3,on first call ₹4 balance on final call company subscribed 6000 equity shares, all shares were allotted and excess shares were adjusted on allotment money. All money were received except mr. ranjan shares who allotted 500 shares failed to pay allotment money?
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A share issued 5000 equity shares @ ₹10 each at par, on application ₹2, on allotment ₹3,on first call ₹4 balance on final call company subscribed 6000 equity shares, all shares were allotted and excess shares were adjusted on allotment money. All money were received except mr. ranjan shares who allotted 500 shares failed to pay allotment money? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A share issued 5000 equity shares @ ₹10 each at par, on application ₹2, on allotment ₹3,on first call ₹4 balance on final call company subscribed 6000 equity shares, all shares were allotted and excess shares were adjusted on allotment money. All money were received except mr. ranjan shares who allotted 500 shares failed to pay allotment money? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A share issued 5000 equity shares @ ₹10 each at par, on application ₹2, on allotment ₹3,on first call ₹4 balance on final call company subscribed 6000 equity shares, all shares were allotted and excess shares were adjusted on allotment money. All money were received except mr. ranjan shares who allotted 500 shares failed to pay allotment money?.
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