Question

15. M. Khaitan Ltd. was formed with an authorised capital of 20,000 equity shares of 10 each to
purchase the business of M. Khaitan for * 1,00,000 by the allotment of fully paid shares.
On 1st January, 2018 the purchase consideration was satisfied and 9,000 shares were subscribed for by the public at par ₹2 per share being payable on application and ₹1per share on allotment a first call of 2.50!per share was due on 1st March and second call of ₹2 per share on 1st may
On 31 st December 2018 position as regard to shares subscribed by the public was as follows
No of shares:

subscribed for by the public at par, *2 per share being payable on application and 1 per
share on allotment. A first call of 2.50 per share was due on 1st March and a second call of
2 per share on 1st May.
On 31st December, 2018, position as regard to shares subscribed by the public was as
follows:

Answer 1

Answer:

THE CORRECT ANSWER IS 2000

Answer 2

Date Particulars. Dr. Cr.

01/01/18. Equity Share

Application A/c 18,000

Equity Share

Capital A/c. 18,000

(Being application money due)

01/01/2018. Equity Share

Allotment A/c. 9,000

Equity Share

Capital A/c. 9,000

(Being Allotment due)

1/03/18. Equity Share

First Call A/c 22,500

Equity share 22,500

capital A/c.

(Being First call money due)

1/05/18. Equity share

final call A/c. 18,000

Equity share

Capital A/c. 18,000

(Being Final call money due)