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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :
On application Rs.20
On allotment Rs.50 (including premium)
On first call Rs.30
On second and final call Rs.20
Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.
 
Q.Net balance in Bank Account = ________.
  • a)
    Rs 2,40,00,000
  • b)
    Rs 2,40,12,000
  • c)
    Rs 2,40,24,000
  • d)
    Rs 2,40,36,000
Correct answer is option 'D'. Can you explain this answer?
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per...
Calculation of Net Balance in Bank Account

1. Total amount received on application:
- Number of shares applied for = 3,00,000
- Number of shares allotted = 2,40,000
- Excess application money received = 60,000 shares x Rs.20 = Rs.12,00,000
- Total amount received on application = 2,40,000 shares x (Rs.20 + Rs.100) = Rs.2,88,00,000

2. Total amount received on allotment:
- Number of shares allotted = 2,40,000
- Amount received on allotment = 2,40,000 shares x Rs.50 = Rs.1,20,00,000

3. Total amount received on first call:
- Number of shares on which first call was made = 2,40,000 shares
- Amount received on first call = 2,40,000 shares x Rs.30 = Rs.72,00,000

4. Total amount received on second and final call:
- Number of shares on which second and final call was made = 2,40,000 shares
- Amount received on second and final call = 2,40,000 shares x Rs.20 = Rs.48,00,000

5. Amount forfeited on E's shares:
- Number of shares forfeited = 4,000 shares
- Amount forfeited = 4,000 shares x (Rs.100 + Rs.20) = Rs.4,80,000

6. Amount forfeited on F's shares:
- Number of shares forfeited = 6,000 shares
- Amount forfeited = 6,000 shares x (Rs.100 + Rs.20) = Rs.7,20,000

7. Amount received on reissue of forfeited shares:
- Number of shares reissued = 8,000 shares
- Discount on reissue = 10%
- Amount received on reissue = 8,000 shares x Rs.90 = Rs.7,20,000

8. Net balance in bank account:
- Total amount received = Rs.2,88,00,000 + Rs.1,20,00,000 + Rs.72,00,000 + Rs.48,00,000 + Rs.7,20,000 = Rs.4,35,20,000
- Less: Amount forfeited = Rs.4,80,000 + Rs.7,20,000 = Rs.12,00,000
- Net balance in bank account = Rs.4,35,20,000 - Rs.12,00,000 = Rs.2,40,36,000

Therefore, the correct answer is option D - Rs.2,40,36,000.
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer?
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer?.
Solutions for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer?, a detailed solution for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Net balance in Bank Account = ________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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