CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Simple Interest

Amount of int...

Question

Amount of interest to be paid by a person whom shares have been allotted but has not paid money asked, by the last date will be _________.

A

10 %

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

6 %

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

7 %

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

8 %

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A $10 %$
Such amount may be called up by the Company either as Allotment Money or Call Money. In case, any default on account of not paying the call money is known as call .directors have the right to waive the Amount of interest on Calls-in-Arrear. 6,000 shares which he paid with the final call together with interest at 5% p.a.

Suggest Corrections

thumbs-up

0

Similar questions

100

10

each were allotted at per, paid Rs.

3

on allotment and Rs.

3

on application but could not pay the first and final call money of Rs.

4

. His shares were forfeited by directors. The amount to be credited to share forfeited account will be.

Q. _________ refers to that part of subscribed capital which has actually been paid by the shareholder to whom shares has been allotted.

Q. A person to whom money has been paid, or anything delivered, by mistake or under coercion ______ repay or return it.

Q. On 1.1.2015, X Ltd. makes an issue of 1,00,000 equity shares of Rs. 100 each payable as follows:

	Rs.
Application	20
Allotment	30 (3 months after allotment)
Final Call	50

Applications were received for 1, 20,000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2,000, shares, paid first and final call with allotment money and another shareholder did not pay allotment money on his 3,000 shares but which he paid with first and final call. Directors have decided to charge and allow interest, according to the Table F of Schedule I to the Companies Act, 2013. The amount of interest on calls-in-arrear will be _____.

Q. Krishna & Co. Ltd. with an authorised capital of ₹ 2,00,000 divided into 20,000 Equity Shares of ₹ 10 each, issued the entire amount of the shares payable as:
₹ 5 on application (including premium ₹ 2 per share),
₹ 4 on allotment, and
₹ 3 on call.
All share money is received in full with the exception of the allotment money on 200 shares and the call money on 500 shares (including the 200 shares on which the allotment money has not been paid).
The above 500 shares are duly forfeited and 400 of these( including the 200 shares on which allotment money has not been paid) are reissued at ₹ 7 per share payable by the purchaser as fully paid-up. Pass journal entries(including cash transactions) and show the balances in the Balance Sheet giving effect to the above transactions.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Simple Interest

MATHEMATICS

Watch in App

explore_more_icon

Explore more

Simple Interest

Standard VIII Mathematics

Join BYJU'S Learning Program

CrossIcon