Q. 1. The directors of Nivia Ltd. invited applications for 20,00,000 equity
shares of €10 each to be issued at a premium of 25. The amount payable per
share is as under:
On application
* 5
On allotment
*7 (including premium)
On first call
* 2
On final call
the balance
Applications were received for 24,00,000 shares and allotment was made as
follows:
(a) To applicants for 10,00,000 shares - in full
(b) To applicants for 8,00,000 shares -6,00,000 shares
(c) To applicants for 6,00,000 shares - 4,00,000 shares.
Applicants for 10,000 shares falling in category (a) and applicants for 12,000
shares falling in category (b) failed to pay allotment money. These shares were
forfeited on failure to pay the first call.
Holder of 12,000 shares falling in category (c) failed to pay first call and final
call and these shares were forfeited after final call.
13,000 shares [10,000 of category (a) and 3,000 of category (b)] were reissued at
18
per
share as fully paid.
chott Cach Book and prenare Balance
Answers
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