Question

X Ltd. issued ₹40,00,000 equity shares of ₹10 each. The amount payable on these shares was as follows:

On application	₹1 per share
On allotment	₹2 per share
On first call	₹3 per share
On second and final call	₹4 per share

All calls were made and were duly received, except first and second & final call on 2,000 shares held by Raman and second & final call on 1,000 shares held by Krishan. These shares were forfeited.
Subscribed and Fully Paid Capital will be:

Options

• ₹39,70,000

• ₹39,82,000

• ₹3,99,70,000

• ₹3,99,82,000

Answer 1

₹39,70,000

Explanation:

Subscribed and Fully Paid Capital:

3,97,000 equity shares off 10 each

= ₹39,70,000