| Read the following hypothetical text and answer the given questions: |
| Tiger limited was incorporated on 1st April, 2017 with registered office in Mumbai. The capital clause of Memorandum of Association reflected a registered capital of 4,00,000 Equity Shares of Rs.10 each and 50,000 Preference Shares of Rs. 50 each. |
| Since some large investments were required for building and machinery the company in consultation with vendors, M/s QR Ltd., issued 50,000 Equity Shares and 10,000 Preference Shares at par to them in full consideration of assets acquired. |
| Besides this, the company issued 1,00,000 Equity Shares for cash at par payable as Rs. 3 on application, Rs. 2 on allotment, Rs. 3 on first call and Rs. 2 on second call. |
| Till date second call has not yet been made and all the shareholders have paid except Kunal who did not pay allotment and calls on his 150 shares and Karan who did not pay first call on his 100 shares. Shares of Kunal were then forfeited and out of them 50 shares were reissued at Rs. 12 per share. |
| Based on above information you are required to answer the following questions: |
| How. many equity shares of the company have been subscribed? |
A) Rs. 1,50,000
B) Rs. 1,43,750
C) Rs. 1,49,900
D) None of these
Correct Answer: C
Solution :
| [c] Rs. 1,49,900 (Rs.) |
| Hint: Share Subscribed = 50,000 |
| 1,00,000 |
| 1,50,000 |
| 1,49,900 |
| (-) Calls-in-arrears (100 x 3) =(300) |
| (+) Share Forfeited Account |
| (100 x 3) =300 |
| 1,49,900 |
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