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The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr. White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’, the amount of interest on calls-in-arrears to be paid by Mr. White would be _________
  • a)
    3125
  • b)
    1562.50
  • c)
    1875
  • d)
    1500
Correct answer is option 'B'. Can you explain this answer?
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The directors of E limited made the final call of Rs.50 per share on 1...
Calculation of Interest on Calls-in-Arrears:

1. Call Money Payment Deadline:
- The directors of E Limited made the final call of Rs.50 per share on 1st August 2012.
- The last date of payment of call money was set to be 31st August 2012.

2. Mr. White's Payment Details:
- Mr. White holds 5000 shares in E Limited.
- He paid the call money on October 15th, 2012.

3. Calculation of Delayed Payment:
- Mr. White paid the call money after the payment deadline.
- The number of days Mr. White delayed the payment = 45 days (from September 1st to October 15th).
- The interest on calls-in-arrears is calculated at the rate specified in Table A of the company.

4. Interest Calculation:
- According to Table A, the interest on calls-in-arrears is calculated at a rate of 10% per annum.
- The interest is calculated for the number of days the payment is delayed.
- Formula for calculating interest on calls-in-arrears: Interest = (Amount of Call Money * Rate * Number of Days) / 365.

5. Calculation:
- Amount of Call Money = Rs.50 per share.
- Number of shares held by Mr. White = 5000 shares.
- Total Amount of Call Money = Rs.50 * 5000 = Rs.2,50,000.
- Rate of Interest = 10% per annum.
- Number of Days Delayed = 45 days.

Interest = (2,50,000 * 10/100 * 45) / 365
= (2,50,000 * 10 * 45) / (100 * 365)
= (1,12,50,000) / 365
= Rs.30,821.92 (approx.)

6. Answer:
The amount of interest on calls-in-arrears to be paid by Mr. White is Rs.30,821.92 (approx.), which is not provided in the options. Therefore, the correct answer cannot be determined from the given options.
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The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr. White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’, the amount of interest on calls-in-arrears to be paid by Mr. White would be _________a)3125b)1562.50c)1875d)1500Correct answer is option 'B'. Can you explain this answer?
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The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr. White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’, the amount of interest on calls-in-arrears to be paid by Mr. White would be _________a)3125b)1562.50c)1875d)1500Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr. White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’, the amount of interest on calls-in-arrears to be paid by Mr. White would be _________a)3125b)1562.50c)1875d)1500Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr. White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’, the amount of interest on calls-in-arrears to be paid by Mr. White would be _________a)3125b)1562.50c)1875d)1500Correct answer is option 'B'. Can you explain this answer?.
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