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Shipra Ltd. Invited applications for 80,000 shares of Rs. 10 each payable as follow: Rs. 2.50 on Application Rs. 2.50 on Allotment Rs. 2 on first call Rs. 3 on second call All the shares were applied and allotted. Shanker, holding 600 shares paid the whole of the amount alongwith Allotment. Interest on advance amount was paid to Shanker on 1st Feb. 2006.?
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Shipra Ltd. Invited applications for 80,000 shares of Rs. 10 each paya...
Explanation of Shipra Ltd. Share Application and Allotment Process

Shipra Ltd. invited applications for 80,000 shares of Rs. 10 each payable as follows:


  • Rs. 2.50 on Application

  • Rs. 2.50 on Allotment

  • Rs. 2 on first call

  • Rs. 3 on second call



All the shares were applied and allotted.

Shanker's Payment and Interest on Advance Amount

Shanker, holding 600 shares, paid the whole amount along with allotment. As per the payment schedule, Shanker had to pay Rs. 2.50 on application and Rs. 2.50 on allotment. Therefore, Shanker paid a total of Rs. 3000 (600 shares x Rs. 5 per share).

Since Shanker paid the entire amount at the time of allotment, he was entitled to interest on the advance amount. The interest on the advance amount was paid to Shanker on 1st Feb. 2006.

Conclusion

Shipra Ltd. followed a standard payment schedule for its share application and allotment process. Shanker paid the entire amount along with allotment and was entitled to interest on the advance amount.
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Shipra Ltd. Invited applications for 80,000 shares of Rs. 10 each payable as follow: Rs. 2.50 on Application Rs. 2.50 on Allotment Rs. 2 on first call Rs. 3 on second call All the shares were applied and allotted. Shanker, holding 600 shares paid the whole of the amount alongwith Allotment. Interest on advance amount was paid to Shanker on 1st Feb. 2006.?
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Shipra Ltd. Invited applications for 80,000 shares of Rs. 10 each payable as follow: Rs. 2.50 on Application Rs. 2.50 on Allotment Rs. 2 on first call Rs. 3 on second call All the shares were applied and allotted. Shanker, holding 600 shares paid the whole of the amount alongwith Allotment. Interest on advance amount was paid to Shanker on 1st Feb. 2006.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Shipra Ltd. Invited applications for 80,000 shares of Rs. 10 each payable as follow: Rs. 2.50 on Application Rs. 2.50 on Allotment Rs. 2 on first call Rs. 3 on second call All the shares were applied and allotted. Shanker, holding 600 shares paid the whole of the amount alongwith Allotment. Interest on advance amount was paid to Shanker on 1st Feb. 2006.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shipra Ltd. Invited applications for 80,000 shares of Rs. 10 each payable as follow: Rs. 2.50 on Application Rs. 2.50 on Allotment Rs. 2 on first call Rs. 3 on second call All the shares were applied and allotted. Shanker, holding 600 shares paid the whole of the amount alongwith Allotment. Interest on advance amount was paid to Shanker on 1st Feb. 2006.?.
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