Class 12 Exam > Class 12 Questions > Zee Ltd issued 15,000 equity shares of 20 ea...
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Zee Ltd issued 15,000 equity shares of ₹ 20 each at a premium of ₹ 5 payable ₹ 5 on application, ₹ 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions is
- a)₹ 6,85,000
- b)₹ 3,60,500
- c)₹ 3,78,000
- d)₹ 6,34,000
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 pay...
Given information:
- Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5
- Payable 5 on application, 10 on allotment (including premium) and the balance on first and final call
- Received applications for 22,500 shares and allotment was made pro rata
- Bittoo failed to pay the amount due on allotment and his 1,200 shares were forfeited after the call was made
- Forfeited shares were reissued to Dheeraj at par
Calculating the amount received from shares:
- 15,000 shares issued at 20 each = 3,00,000
- Premium of 5 per share = 75,000
- Total amount received for 15,000 shares = 3,75,000
Calculating the allotment:
- 22,500 shares applied for but only 15,000 shares were issued
- Allotment was made pro rata, so each applicant received 2/3 of the shares applied for
- Bittoo was allotted 1,200 shares
Calculation of payments:
- 5 on application for 15,000 shares = 75,000
- 10 on allotment (including premium) for 15,000 shares = 1,50,000
- Balance to be paid on first and final call = 1,50,000
- Bittoo failed to pay 12,000 (1,200 shares x 10)
- Forfeited shares = 1,200
- Reissued to Dheeraj at par = 24,000 (1,200 shares x 20)
Final calculation of bank balance:
- Amount received from shares = 3,75,000
- Amount received on application and allotment = 2,25,000 (75,000 + 1,50,000)
- Amount received from Dheeraj for forfeited shares = 24,000
- Total amount received = 6,24,000 (3,75,000 + 2,25,000 + 24,000)
- Amount forfeited by Bittoo = 12,000
- Final bank balance = 3,78,000 (6,24,000 - 12,000)
- Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5
- Payable 5 on application, 10 on allotment (including premium) and the balance on first and final call
- Received applications for 22,500 shares and allotment was made pro rata
- Bittoo failed to pay the amount due on allotment and his 1,200 shares were forfeited after the call was made
- Forfeited shares were reissued to Dheeraj at par
Calculating the amount received from shares:
- 15,000 shares issued at 20 each = 3,00,000
- Premium of 5 per share = 75,000
- Total amount received for 15,000 shares = 3,75,000
Calculating the allotment:
- 22,500 shares applied for but only 15,000 shares were issued
- Allotment was made pro rata, so each applicant received 2/3 of the shares applied for
- Bittoo was allotted 1,200 shares
Calculation of payments:
- 5 on application for 15,000 shares = 75,000
- 10 on allotment (including premium) for 15,000 shares = 1,50,000
- Balance to be paid on first and final call = 1,50,000
- Bittoo failed to pay 12,000 (1,200 shares x 10)
- Forfeited shares = 1,200
- Reissued to Dheeraj at par = 24,000 (1,200 shares x 20)
Final calculation of bank balance:
- Amount received from shares = 3,75,000
- Amount received on application and allotment = 2,25,000 (75,000 + 1,50,000)
- Amount received from Dheeraj for forfeited shares = 24,000
- Total amount received = 6,24,000 (3,75,000 + 2,25,000 + 24,000)
- Amount forfeited by Bittoo = 12,000
- Final bank balance = 3,78,000 (6,24,000 - 12,000)
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Community Answer
Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 pay...
Amount received on application (22,500 x 5) = ₹ 1,12,500
Amount received on allotment (15,000 x 10) =1,50,000
(-) Excess money adjusted (7,500 x 5) =(37,500)
(-) Calls-in-arrear (9,000)
= 10,3,500
Amount received on first call
(15,000 x 10) =1,50,000
(-) Calls-in-arrear (1,200 x 10) = (12,000) = 1,38,000
Amount received on reissue (1,200 x 20) = ₹ 24,000
otal amount received
= 1,12,500 + 1,03,500 + 1,38,000 + 24,000
= ₹ 3,78,000
Amount received on allotment (15,000 x 10) =1,50,000
(-) Excess money adjusted (7,500 x 5) =(37,500)
(-) Calls-in-arrear (9,000)
= 10,3,500
Amount received on first call
(15,000 x 10) =1,50,000
(-) Calls-in-arrear (1,200 x 10) = (12,000) = 1,38,000
Amount received on reissue (1,200 x 20) = ₹ 24,000
otal amount received
= 1,12,500 + 1,03,500 + 1,38,000 + 24,000
= ₹ 3,78,000
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Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer?
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Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer?.
Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer?.
Solutions for Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 12.
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Here you can find the meaning of Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Zee Ltd issued 15,000 equity shares of 20 each at a premium of 5 payable 5 on application, 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions isa) 6,85,000b) 3,60,500c) 3,78,000d) 6,34,000Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Class 12 tests.
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