Question

X Ltd. issued a prospectus inviting applications for 1,10,000 equity shares. The company received applications for 1,00,000 shares. During the first year, ₹8 per share were called. Shyam holding 2,000 shares did not pay the first call of ₹2 per share. Shyam's shares were forfeited after the first call and later on 1,500 of the forfeited shares were re-issued at ₹7 per share, ₹8 called up.
Subscribed but not fully paid Capital will be:

Options

• ₹7,99,000

• ₹7,96,000

• ₹8,00,000

• ₹8,03,000

Answer 1

₹7,96,000

Explanation:

Subscribed but not fully paid Capital:

99,500 equity shares of ₹10 each, ₹8 called up = 7,96,000