India Ltd. invited applications for issuing 3,00,000 equity shares of ₹10 each at a premium of ₹30 per share. The amount was payable as follows: On Applications ₹7 per share (including ₹5 premium) On Allotment ₹10 per share (including ₹7 premium) On First Call ₹11 per share (including ₹8 premium) On Second and Final Call Balance Amount A shareholder holding 2,000 shares did not pay the first call and second and final call money and his shares were forfeited after the final call. Calls in Arrears Account will be credited by ______.

India Ltd. invited applications for issuing 3,00,000 equity shares of ₹10 each at a premium of ₹30 per share. The amount was payable as follows: Securities Premium Reserve Account will be debited by:

India Ltd. invited applications for issuing 3,00,000 equity shares of ₹10 each at a premium of ₹30 per share. The amount was payable as follows:

A shareholder holding 2,000 shares did not pay the first call and second and final call money and his shares were forfeited after the final call.

Calls in Arrears Account will be credited by ______.

MCQ

Fill in the Blanks

Calls in Arrears Account will be credited by ₹46,000.

Explanation:

The shareholder holding 2,000 shares did not pay:

First Call: ₹11 (₹3 capital + ₹8 premium)

Second & Final Call: ₹12 (₹2 capital + ₹10 premium)

Total unpaid per share = ₹11 + ₹12 = ₹23

2,000 shares: 2,000 × ₹23

= ₹46,000

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Chapter 6: Company Accounts - Issue of Shares - CASE BASED MCQs - 2 [Page 6.93]

Chapter 6 Company Accounts - Issue of Shares
CASE BASED MCQs - 2 | Q (c) | Page 6.93