Question

Kirloskar Ltd. issued 1,00,000 Equity Shares of ₹ 20 each at premium of ₹ 4 per share. Amount was payable ₹ 8 on application (including ₹ 2 per share as premium), ₹ 8 (including balance premium) on allotment and balance on First and Final Call. It received ₹ 8,00,000 as allotment money and ₹ 7,04,000 as First and Final Call. Shares Subscribed but not fully paid-up are

Options

• 88,000 Equity Shares.

• 32,000 Equity Shares.

• 12,000 Equity Shares.

• 22,000 Equity Shares.

Answer 1

12,000 Equity Shares.

Explanation:

First and Final Call due:

1,00,000 × ₹ 8 = ₹ 8,00,000

Amount not received:

₹ 8,00,000 − ₹ 7,04,000 = ₹ 96,000

Number of shares not fully paid-up:

₹ 96,000 ÷ ₹ 8 = 12,000 shares