Illustration 10 Suyog Ltd received in advance for the first all of rs 2.50 per share on 1,000 equity shares on 1st February 2019.The first call was due on 15th April 2019 jornalise
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The total amount of equity share issued to public here is Rs 10,00,000 (Rs 1,00,000*10). Application for shares is 1,20,000 which takes the amount needed to be issued to Rs. 12,00,000. This is the case of over subscription, This situation is termed as Over-subscription where allotment can be made only to the number of shares that are issued. The Company cannot allot more shares than the issued even if there is demand for the shares. Hence, here excess application to be credited to share capital account should be Rs. 10,00,000.
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LEGAL STUDIES
D Ltd. issued 1,00,000 equity shares of Rs 10 each at a premium of Rs. 2 per share. The amount payable was Rs. 2 on application, Rs. 5 on allotment (including premium) & rest on first & final call. Applications were received for 1,20,000 shares. Excess application money was refunded to applications. All monies due were received except the allotment and first & final call monies on 1,000 shares. These shares were forfeited and reissued at Rs 9 per share.
Amount due on first & final call will be ____.
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