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Question
Short Answer Question
What is meant by Calls-in-Advance?
Solution
Calls-in-Advance refers to a situation when a shareholder pays the whole amount or a part of the amount of shares before it become due, i.e. before the company calls for it.
So, the amount of money that is being paid in advance at the earlier stages is termed as Calls-in-Advance.
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Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
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Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share
On Allotment ₹ 3 per share
On First and Final Call ₹ 5 per share
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- To applicants for 40,000 shares - Full
- To applicants for 50,000 shares - 40%
- To applicants for 2,000 shares - Nil
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call.
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