Questions have been asked based on the following info on this forum before BUT this one has not been asked...

Q. WHAT WILL BE THE NET BALANCE IN THE BANK ACCOUNT

INFO:

D Ltd. issued 2,00,000 shares of 100 each at a premium of 20 per share payable as

follows:

On application 20

On allotment 50 (including premium)

On first call 30

On second and final call 20

Applications were received for 3,00,000 shares and pro rata allotment was made to applicants

of 2,40,000 shares. Money excess received on application was employed on account of sum

due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay

the allotment money and on his subsequent failure to pay the first call, his shares were forfeited

and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after

the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the

whole of E’s forfeited shares being reissued.

Waiting for reply..................