Question

chronic Limited issue 10000 equity share of rupees 10 each payable at Rs 2.50 on rupees application 3 and and allotment rupees 2 on first call the balance of rupees 2.50 on second and final call all the shared full subscribe and paid except shareholder having 100share who could not pay for second and final call​

Answer 1

Explanation:

Money received in Share application account - 4,50,000 (1,50,000 X 3)

Less: Money for share allotment - 3,00,000 (100000 X 3)

Less: money for shares rejected - 60,000 (20000 X 3)

__________

Excess money available 90,000

The amount of excess application money available for adjustment against allotment is Rs.90,000.