Question

6.
shares were reissued at * 120 per share fully paid
Joy Entertain Ltd. issued 100000 shares of 10 each a
share. The amount was payable as :
₹ 3 per share on application
*5 (including premium) on allotment
-
*2 per share on first call and
*2 per share on final call

Answer 1

Answer:

Correct option is B)

The amount received on shares issued is Rs 12,00,000. The application money is Rs 2 per share and application received is 1,20,000 then application money received is Rs 2,40,000. But application issued were still 100000 as it is case of over-subscription and hence application money received on issuance of share is Rs 2,00,000. There amount to refunded is Rs 40,000 (Rs 2,40,000-Rs 2,00,000).