Vinod Ltd. issued 10,000 Equity Shares of Rs.10 each at a premium of Rs.3 per share payable as: |
On Application.........................................................Rs.4 |
On Allotment............................................................Rs.5 (including premium) |
On First Call.............................................................Rs.2 |
Balance................................................................... as and when required. |
The public applied for 12,000 shares. The company made pro-rata allotment to all the applicants. One shareholder who was allotted 900 shares paid the entire amount with allotment while another shareholder who had applied for. |
1200 shares, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited. |
Of the forfeited shares, 800 were reissued at Rs.7 per share. |
Balance of Share Allotment Account will be: |
A) 39,600
B) 50,000
C) 12,200
D) Nil
Correct Answer: D
Solution :
NilYou need to login to perform this action.
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