XY Limited issued 2,50,000 equity shares of ₹10 each at a premium of ₹1 each payable as ₹2.5 on application, ₹4 on allotment and balance on the first and final call. Applications were received for 5,00,000 equity shares
CS CSEET · Business Economics & Fundamentals of Accounting and Auditing · PYQS · June 2013
XY Limited issued 2,50,000 equity shares of ₹10 each at a premium of ₹1 each payable as ₹2.5 on application, ₹4 on allotment and balance on the first and final call. Applications were received for 5,00,000 equity shares but the company allotted to them only 2,50,000 shares. Excess money was refunded after adjustment for further calls. Last call on 500 shares were not received and shares were forfeited after due notice. This is a case of —
Answer & Explanation:
Correct Answer: Option (D)
Correct answer: (D) All of the above..
Topics: Fundamentals of Accounting
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