Question

Johri Ltd. was formed with an authorised capital of ₹10,00,000 divided into shares of ₹20 each. It offered 40,000 shares to the public for subscription at a premium of ₹10 per share. Applications were received for 37,000 shares and allotment was made to all applicants. Amounts were payable as follows: On Application ₹6 On Allotment ₹15 On 1st Call ₹5 On 2nd & Final Call Balance It forfeited 3,000 shares of ₹20 each (₹16 called up) held by Mansi, for non-payment of allotment and the first call. Out of these, 2,000 shares were reissued to Sudha as ₹16 called up for ₹14 per share. Second and final call was not made by the Company.

Subscribed and Fully Paid Capital will be ______.

Options

• ₹5,76,000

• NIL

• ₹5,82,000

• ₹7,40,000

Answer 1

Subscribed and Fully Paid Capital will be NIL.

Explanation:

Only ₹16 is called

No share has yet been called up for full ₹20 No share is fully paid up yet 

Subscribed and Fully Paid Capital = ₹0 (NIL)