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Question

Gopalji, a Director of Gopal Agro Products Ltd. proposed in a Board meeting that to inculcate the habit of savings among people he wanted to bring a special issue of shares. His proposal was accepted by the company. The company issued 40,000 equity shares of Rs 100 each. The share money per share was payable as :    

On Application Rs 30  

On Allotment Rs 50  

On First and Final Call Rs 20   

Ramesh, a farmer holding 80 shares could not pay his call money on time. Suresh, another farmer holding 50 shares, paid the call money also with allotment.  

Ramesh paid the amount due to him after four months explaining the reason for delay; the company did not charge any interest from him.  

(a) Calculate the amount received by the company on allotment.  

(b) Identify the value which the company is trying to communicate to the society.


Solution

Calculation of amount received on allotment :

         Allotment money due (40,000 shares× Rs 50 per share)=Rs  20,00,000        Add : Suresh paid calls-in-advance (50 shares× Rs 20 per share)=Rs        1,000       Amount received on allotment =¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯Rs 20,01,000–––––––––––––       

Values:
- Promoting the habit of saving.               - Spreading equity cult.

- Bringing people to the main stream.     - Empathy

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