ABC Company Ltd. Is incorporated with an authorised capital of Rs.20,00,000/- divided into 20,000shares of Rs.100/- . The Company issued 10,000/- shares if Rs.100 each payable under 1) Application Rs.20 2) Allotment Rs.20 3) On 1st call Rs.30 4) On Final Call Rs. 30 . 5) Applications were received for 15000 shares. The Directors decided to allot the shares as follows; To the Applicants for 7000 shares; Full To the Applicants for 5000 shares: 3000 Shares To the Applicants for 3000 Shares: Nil The Directors did not make the final call. All the moneys due on shares were duly received except the first call on 500 shares.
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