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Question
Nirman Ltd. issued 50,000 equity shares of Rs 10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 2 per share
On first and final call - The balance
Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares were allotted; paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on his 300 shares. The amount received at the time of making first and final call was:
(1) Rs 2,25,000
(2) Rs 2,20,000
(3) Rs 2,21,000
(4) Rs 2,19,500
Solution
Rs 2,21,000
Calculation of amount received with the first call
First call amount receivables on 45,000 shares = 2,25,000
Less : Advance payment by Pooja (500 @ Rs 5) = 2500
Less: Kundan failure to pay first call (300 @ Rs 5) = 1500
= 221000
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