Akbar and Birbal who purchased the shares for the cost of their basic salaries which are in the ratio of 5: 6. Later on company gave them 40 additional shares to each, due to which the ratio changed to 7 : 8. If the worth of each share is Rs. 75, what is the basic salary of the person who got less shares?

Rs. 10500

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Rs. 7500

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Rs. 8800

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Rs. 9000

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Solution

The correct option is B Rs. 7500
$\frac{5 x + 40}{6 x + 40} = \frac{7}{8} \Rightarrow \frac{A k b a r}{B i r b a l} \Rightarrow x = 20$
$∴$ The actual number of shares of less salaried person
= 100 $∵ (5 \times 20 = 100)$
$∴$ The salary of Akbar $= 100 \times 75 = 7500$

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Pass the necessary Jouranl entries.

(a) A company forfeited 200 shares of Rs 20 each, Rs 15 per share called up on which Rs 10 per share had been paid. Director reissued all the forfeited shares to B as Rs 15 per share paid up for a payment of Rs 10 each . Give Journal entries in the books of the company for forfeiture and reissue of shares.

(b) A Ltd. forfeited 100 equity shares of the face value of Rs 10 each, for the non-payment of first call of Rs 2 per share. Rs 6 per share had already been called and paid. These shares were subsequently re-issued as fully paid at the rate of Rs 7 per share. Give Journal entries in the books of the company for forfeiture and reissue of shares.

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i) What is the total amount of dividend paid by the company?

ii) What would be the annual income of a share holder who has 72 shares in the company and find the yield percentage if each share is sold for Rs 120?

A company forfeited 100 shares of Rs 10 each, Rs 7.50 per share called up on which Rs 5 per share had been paid. Directors decided to re-issue all the forfeited shares to B as Rs 7.50 paid up for Rs 7 each. Pass the necessary Journal entries.

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The correct option is B Rs. 75005x+406x+40=78⇒AkbarBirbal⇒ x=20 ∴ The actual number of shares of less salaried person = 100 ∵(5×20=100) ∴ The salary of Akbar =100×75=7500

The correct option is B Rs. 7500
$\frac{5 x + 40}{6 x + 40} = \frac{7}{8} \Rightarrow \frac{A k b a r}{B i r b a l} \Rightarrow x = 20$
$∴$ The actual number of shares of less salaried person
= 100 $∵ (5 \times 20 = 100)$
$∴$ The salary of Akbar $= 100 \times 75 = 7500$