Question

Based on the below information you are required to answer the following question:

The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money.

How much money is still not paid up on the allotted shares?

पर्याय

• ₹ 1,500

• ₹ 2,000

• ₹ 3,000

• ₹ 500

Answer 1

₹ 1,500

Explanation:

The first and final call amount (₹ 3) is not received on 500 shares.

500 × ₹ 3 = ₹ 1,500