Question

Ambrish Ltd offered 2,00,000 Equity Shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?​

Answer 1

Answer:

5,85,000

Explanation:

Issued shares=200000

Subscribed shares=198000

application=3

allotement=4

first call(bal:10-7)=3

amt received on first call :

Amt receivable = 198000 x 3 =594000

Amt paid= 3000 x 3 = 9000

Amt received= 594000-9000=585000

Answer 2

Given:

The number of shares subscribed= 1,98,000

The price of one equity share=Rs.10

The amount payable on Application= Rs. 3/share

The amount payable on Allotment=Rs. 4/share

To find:

The amount of money received on the first call if a shareholder holding 3,000 shares has defaulted on the first call.

Solution:

We can find the solution in a few simple steps -

We know that the amount payable on the first call is the balance remaining.

So, the amount payable on first call= Price of a share- the amount payable on application- the amount payable on allotment

=10-3-4

The amount payable on the first call=Rs. 3/share

The number of shares defaulted on the first call= 3,000

So, Ambrish Ltd. will receive the money for the remaining shares.

Remaining shares= 1,98,000- 3,000

= 1,95,000 shares

The amount of money received= Remaining shares× amount payable on the first call

= 1,95,000×3

= Rs. 5,85,000

Therefore, the amount of money received on the first call is Rs. 5,85,000.