ABC Ltd. issued 10,000 equity shares of ₹100 each at par payable as under: On application ₹30; on allotment ₹20; on first and on final call ₹50 per share. Applications were received for 30,000 shares. Applications for 5,
CS Executive · Corporate and Management Accounting · PYQS · December 2021
ABC Ltd. issued 10,000 equity shares of ₹100 each at par payable as under: On application ₹30; on allotment ₹20; on first and on final call ₹50 per share. Applications were received for 30,000 shares. Applications for 5,000 shares were rejected and pro-rata allotment was made to the applicants for 25,000 shares. Excess application money is adjusted towards amount due on allotment and calls. How much amount will be received in cash on first call?
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Company Accounts
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