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 ???
Menu
company accounts -1
Replies (3)
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
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
thanks to shakuntala chhangani (ma'am)
Recent Threads
- Poll: Do you spend >30 min/day fixing Tally JSO
- Interest on Accident Claim by Minor
- Capital Gain and Basic Exemption Limit
- Loan to wife and interest income husband income or
- AOC-4 is not being filed
- Returning the shares gifted by daughter?
- Gst tax rate
- Accounting of Govt Grant in aid-Assam Tea Estate
- Utilizing Capital gains in new home construction
- Hi i have some doubt about my microsoft exam?
Related Threads
CAclubindia
