Company issued 5000 equity shares of rupees 10 each party payable as u...
Solution:
Calculation of Total Shares Applied and Allotted
- Total number of equity shares issued = 5000
- Face value of each share = Rs. 10
- Total amount of shares issued = 5000 x 10 = Rs. 50,000
- Amount payable on application = Rs. 3
- Amount payable on allotment = Rs. 2
- Amount payable on first call = Rs. 4
- Amount payable on final call = Rs. 1
- Total amount received on application = 18000 x 3 = Rs. 54,000
- Total number of shares applied for = 18000/3 = 6000 shares
- Number of shares rejected = 6000 - 5000 = 1000 shares
- Number of shares allotted = 5000 shares
Calculation of Calls
- Amount received on application = Rs. 54,000
- Amount adjusted towards excess application money = 54,000 - (5000 x 3) = Rs. 39,000
- Amount due on allotment = (5000 x 2) - 39,000 = Rs. 1,000
- Amount due on first call = 5000 x 4 = Rs. 20,000
- Total amount received on first call = 20,000 - 1,000 = Rs. 19,000
- Amount due on final call = 5000 x 1 = Rs. 5,000
- Total amount received on final call = 5,000
Therefore, the amount to be received on the first call when excess application money is adjusted is Rs. 19,000, and the amount due on the final call is Rs. 5,000. The excess application money is adjusted towards the amount due on allotment.
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