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Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?
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Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,...
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Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,...
Calculation of Amount of Money Received on First Call
To calculate the amount of money received on the first call, we need to first calculate the number of shares on which the first call has been made and then multiply it by the amount payable on the first call.
Step 1: Calculation of Shares on which the First Call has been Made
Total number of shares offered = 2,00,000
Number of shares subscribed = 1,98,000
Shares on which the first call has been made = Number of shares subscribed - Number of shares defaulted
Given that a shareholder holding 3,000 shares has defaulted on the first call, the number of shares on which the first call has been made will be:
Shares on which the first call has been made = 1,98,000 - 3,000 = 1,95,000
Step 2: Calculation of Amount Payable on the First Call
The amount payable on the first call is the balance amount after deducting the application and allotment amounts from the face value of the shares.
Face value of each share = ₹10
Amount payable on application = ₹3
Amount payable on allotment = ₹4
Amount payable on the first call = Face value - (Amount payable on application + Amount payable on allotment)
= ₹10 - (₹3 + ₹4)
= ₹10 - ₹7
= ₹3
Step 3: Calculation of Amount of Money Received on First Call
Amount of money received on the first call = Shares on which the first call has been made * Amount payable on the first call
= 1,95,000 * ₹3
= ₹5,85,000
Therefore, the amount of money received on the first call is ₹5,85,000.
To calculate the amount of money received on the first call, we need to first calculate the number of shares on which the first call has been made and then multiply it by the amount payable on the first call.
Step 1: Calculation of Shares on which the First Call has been Made
Total number of shares offered = 2,00,000
Number of shares subscribed = 1,98,000
Shares on which the first call has been made = Number of shares subscribed - Number of shares defaulted
Given that a shareholder holding 3,000 shares has defaulted on the first call, the number of shares on which the first call has been made will be:
Shares on which the first call has been made = 1,98,000 - 3,000 = 1,95,000
Step 2: Calculation of Amount Payable on the First Call
The amount payable on the first call is the balance amount after deducting the application and allotment amounts from the face value of the shares.
Face value of each share = ₹10
Amount payable on application = ₹3
Amount payable on allotment = ₹4
Amount payable on the first call = Face value - (Amount payable on application + Amount payable on allotment)
= ₹10 - (₹3 + ₹4)
= ₹10 - ₹7
= ₹3
Step 3: Calculation of Amount of Money Received on First Call
Amount of money received on the first call = Shares on which the first call has been made * Amount payable on the first call
= 1,95,000 * ₹3
= ₹5,85,000
Therefore, the amount of money received on the first call is ₹5,85,000.
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Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?
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Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?.
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