o ltd issued 10000 equity shares of 10 each at a premium of 20 % payable rs 4 on application (including premium ) 5 on allotment and the balance on first &final call .. the company recieved applicatuions for 15000 shares and allotment was pro -rata .. p to whom 3000 shares were alloted failed to pay the amount due on allotment all his shareswere forfieted after the call was made ... the forfieted shares were re -issued to q @ par ...assuming that no other bank transactions took place .. the bank balance of the company after effecting the above transactions is ???
3 Replies
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 02 June 2011
no.of shares applied by p=3000*15000/10000=4500
amount received on application along with premium=4500*4=18000
surplus=4500-3000=1500*4=6000
amount received from q=3000*10=30000
according to companies act surplus belongs to company if articles r silent. so assume surplus belongs to p
so bank bal=18000+30000-6000=42000
shakuntala chhangani
(FCA Course co-ordinator WIRC coaching centre)
(2525 Points)
Replied 04 June 2011
Hi Mridul, the answer is :
amount received from shareholders other than defaulting shareholder p (7,000 shares x 12) = Rs. 84,000
amount received from P (3,000*3/2 x Rs. 4) = Rs. 18,000
Amount received from Q (3,000 x Rs. 10) = Rs. 30,000
total bank balance Rs. 1,32,000
Regards, CA Shakuntala Chhangani
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