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The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.
If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?
- a)Rs.937.50
- b)Rs.1,406.25
- c)Rs.1,125.00
- d)Rs.1,687.50.
Correct answer is option 'B'. Can you explain this answer?
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The directors of B Ltd. made the final call of Rs.30 per share on Janu...
Calculation of Interest on Calls-in-arrear
Given information:
- Call amount per share = Rs. 30
- Mr. C holds 7,500 shares
- Call payment due date = January 31, 2004
- Mr. C paid call money on March 15, 2004
- Table A of the Companies Act is adopted
Calculation:
- Total call amount due = Rs. 30 x 7,500 = Rs. 2,25,000
- Call money paid within due date = Rs. 30 x 7,500 = Rs. 2,25,000
- Call money paid after due date = Rs. 30 x 7,500 = Rs. 2,25,000
- Calls-in-arrear = Rs. 2,25,000 - Rs. 2,25,000 = Rs. 0
- Interest on calls-in-arrear = Calls-in-arrear x 10% x (number of days delayed/365)
- Number of days delayed = March 15, 2004 - January 31, 2004 = 44 days
- Interest on calls-in-arrear = 0 x 10% x (44/365) = Rs. 0
Therefore, the amount of interest on calls-in-arrear to be paid by Mr. C is Rs. 0.
Note: As per Table A of the Companies Act, the company has the power to charge interest on calls-in-arrear at a rate not exceeding 10% per annum or at a rate fixed by the articles of association. In this case, since Mr. C paid the call money before any interest was due, no interest is payable.
Given information:
- Call amount per share = Rs. 30
- Mr. C holds 7,500 shares
- Call payment due date = January 31, 2004
- Mr. C paid call money on March 15, 2004
- Table A of the Companies Act is adopted
Calculation:
- Total call amount due = Rs. 30 x 7,500 = Rs. 2,25,000
- Call money paid within due date = Rs. 30 x 7,500 = Rs. 2,25,000
- Call money paid after due date = Rs. 30 x 7,500 = Rs. 2,25,000
- Calls-in-arrear = Rs. 2,25,000 - Rs. 2,25,000 = Rs. 0
- Interest on calls-in-arrear = Calls-in-arrear x 10% x (number of days delayed/365)
- Number of days delayed = March 15, 2004 - January 31, 2004 = 44 days
- Interest on calls-in-arrear = 0 x 10% x (44/365) = Rs. 0
Therefore, the amount of interest on calls-in-arrear to be paid by Mr. C is Rs. 0.
Note: As per Table A of the Companies Act, the company has the power to charge interest on calls-in-arrear at a rate not exceeding 10% per annum or at a rate fixed by the articles of association. In this case, since Mr. C paid the call money before any interest was due, no interest is payable.
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The directors of B Ltd. made the final call of Rs.30 per share on Janu...
According to table A of companies act 1956, int on call in arrears is 5% and the question is solved with the same. but after the amendment in 2013 the rate is 10%. 7500*30*5%*1.5/12=1406.25 but according to table F after amendment the ANS is 7500*30*10%*1.5/12=2812.5
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The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer?
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The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct 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 B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct 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 B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer?.
The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct 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 B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct 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 B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer?.
Solutions for The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice The directors of B Ltd. made the final call of Rs.30 per share on January 15, 2004 indicating the last date of payment of call money to be January 31, 2004. Mr. C, holding 7,500 shares paid the call money on March 15, 2004.If the company adopts Table A, of the Companies Act the amount of interest on calls-inarrear to be paid by Mr. C = ?a)Rs.937.50b)Rs.1,406.25c)Rs.1,125.00d)Rs.1,687.50.Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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