Question

Surya Vanaspati issued prospectus inviting applications for 42,500 equity shares of ₹100 each payable as ₹10 on application, ₹20 on allotment, ₹30 on first call and balance on second and final call.
Applications were received for ₹40,000 shares. Suresh to whom 1,600 shares were allotted failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 shares were reissued to Mahesh, credited as fully paid for ₹95 per share.
Subscribed and Fully Paid Capital will be:

Options

• ₹39,00,000

• ₹40,00,000

• ₹39,60,000

• ₹40,60,000

Answer 1

₹39,00,000

Explanation:

Subscribed Capital

Subscribed and Fully Paid Capital

39,000 Equity Shares of ₹100 each = 39,00,000