Commerce Exam > Commerce Questions > 2008 -13 Sitco Ltd. Issued 25000 equity share...
Start Learning for Free
2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .?
Most Upvoted Answer
2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a pre...
Explanation:
1. Issuance of Equity Shares:
In 2008, Sitco Ltd. issued 25,000 equity shares of Rs.10 each at a premium of Rs.2 per share. The total amount received for these shares would be calculated as follows:
Total amount received = Number of shares issued × (Face value + Premium)
Total amount received = 25,000 × (10 + 2)
Total amount received = Rs. 3,00,000
2. Application Money:
The company received applications for 30,000 shares, which is 5,000 shares more than the total number of shares issued. Therefore, the excess application money for these 5,000 shares would be refunded to the applicants.
Excess application money = Excess shares × Application money per share
Excess application money = 5,000 × Rs.2
Excess application money = Rs.10,000
3. Allotment of Shares:
The company allotted shares to the applicants based on their application. The allotment price per share was Rs.6, including the premium. Therefore, the total allotment money received would be:
Total allotment money = Number of shares allotted × Allotment price per share
Total allotment money = 25,000 × Rs.6
Total allotment money = Rs.1,50,000
4. First and Final Call:
The first and final call money required to be paid by the shareholders was Rs.4 per share. However, one shareholder who held 500 shares failed to pay the first and final call money.
Total first and final call money = Number of shares × First and final call money per share
Total first and final call money = 24,500 × Rs.4
Total first and final call money = Rs.98,000
Therefore, the total amount received from the shareholders for the first and final call would be Rs.98,000.
5. Amounts Received:
To calculate the total amount received by the company, we need to add up the application money, allotment money, and first and final call money received.
Total amount received = Total allotment money + Total first and final call money
Total amount received = Rs.1,50,000 + Rs.98,000
Total amount received = Rs.2,48,000
6. Amount Refunded:
Since the excess application money was Rs.10,000, this amount would be refunded to the applicants.
Summary:
In summary, Sitco Ltd. issued 25,000 equity shares at a premium of Rs.2 per share. The company received applications for 30,000 shares but had only issued 25,000 shares. Therefore, the excess application money of Rs.10,000 was refunded. The company allotted shares to the applicants at a price of Rs.6 per share, including the premium. The first and final call money of Rs.4 per share was required to be paid by the shareholders. However, one shareholder holding 500 shares failed to pay the first and final call money. The total amount received by the company was Rs.2,48,000.
1. Issuance of Equity Shares:
In 2008, Sitco Ltd. issued 25,000 equity shares of Rs.10 each at a premium of Rs.2 per share. The total amount received for these shares would be calculated as follows:
Total amount received = Number of shares issued × (Face value + Premium)
Total amount received = 25,000 × (10 + 2)
Total amount received = Rs. 3,00,000
2. Application Money:
The company received applications for 30,000 shares, which is 5,000 shares more than the total number of shares issued. Therefore, the excess application money for these 5,000 shares would be refunded to the applicants.
Excess application money = Excess shares × Application money per share
Excess application money = 5,000 × Rs.2
Excess application money = Rs.10,000
3. Allotment of Shares:
The company allotted shares to the applicants based on their application. The allotment price per share was Rs.6, including the premium. Therefore, the total allotment money received would be:
Total allotment money = Number of shares allotted × Allotment price per share
Total allotment money = 25,000 × Rs.6
Total allotment money = Rs.1,50,000
4. First and Final Call:
The first and final call money required to be paid by the shareholders was Rs.4 per share. However, one shareholder who held 500 shares failed to pay the first and final call money.
Total first and final call money = Number of shares × First and final call money per share
Total first and final call money = 24,500 × Rs.4
Total first and final call money = Rs.98,000
Therefore, the total amount received from the shareholders for the first and final call would be Rs.98,000.
5. Amounts Received:
To calculate the total amount received by the company, we need to add up the application money, allotment money, and first and final call money received.
Total amount received = Total allotment money + Total first and final call money
Total amount received = Rs.1,50,000 + Rs.98,000
Total amount received = Rs.2,48,000
6. Amount Refunded:
Since the excess application money was Rs.10,000, this amount would be refunded to the applicants.
Summary:
In summary, Sitco Ltd. issued 25,000 equity shares at a premium of Rs.2 per share. The company received applications for 30,000 shares but had only issued 25,000 shares. Therefore, the excess application money of Rs.10,000 was refunded. The company allotted shares to the applicants at a price of Rs.6 per share, including the premium. The first and final call money of Rs.4 per share was required to be paid by the shareholders. However, one shareholder holding 500 shares failed to pay the first and final call money. The total amount received by the company was Rs.2,48,000.
Community Answer
2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a pre...
(25000×4)-(500×4)=98000 paid up cap
25000×2=50000 application
25000×4=100000 allotment money transfer to cap
called up cap=250000
25000×2=50000 application
25000×4=100000 allotment money transfer to cap
called up cap=250000
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .?
Question Description
2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .?.
2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .?.
Solutions for 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? defined & explained in the simplest way possible. Besides giving the explanation of
2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .?, a detailed solution for 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? has been provided alongside types of 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? theory, EduRev gives you an
ample number of questions to practice 2008 -13 Sitco Ltd. Issued 25000 equity share's of Rs.10 Each at a premium of Rs.2 Per share payable as; Application Rs.2 Per share; Allotment Rs.6(Including premium) ; Frist and final calls money of Rs.4 Per share. Application were received for 30000 shares. Excess application money was refunded .One shareholder holding 500 shares failed to pay the frist and final call moneys . Other than that all amounts were duly received .? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup