Priya Ltd. issued 20,000 shares of ₹10 each payable as ₹3 on application, ₹2 on allotment, ₹3 on first call, and ₹2 on the second and final call. L, a shareholder of 300 shares paid only application and allotment money. M, a shareholder of 550 shares did not pay second and final call money. Calculate the total amount of calls-in-arrear.

[0.88 marks]

₹2,600

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₹1,500

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₹1,100

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₹2,000

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Solution

The correct option is A ₹2,600

Particulars Amount (₹)

L: First call (300 × 3)
Final call (300 × 2)
M: Final call (550 × 2)
900
600
1,100

Total calls-in-arrears 2,600

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Following amounts were payable on issue of shares by a company: Rs. 3 on application, Rs. 3 on allotment, Rs. 2 on first call and Rs. 2 on final call. X holding 500 shares paid only application and allotment money whereas Y holding 400 shares did not pay final call. Amount of Calls in arrear will be :

A Ltd. invited applications for issuing 1,00,000 shares of ₹ 10 each at a premium of ₹ 1 per share. The amount was payable as follows:

On Application	–	3 per share;
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On First Call	–	3 per share;
On Second and Final Call	–	Balance amount.

Applications for 1,60,000 shares were received. Allotment was made on the following basis:

(i)	To applicants for 90,000 shares	–	40,000 shares;
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(iii)	To applicants for 20,000 shares	–	Full shares.

Excess money paid on application is to be adjusted against the amount due on allotment and calls.

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All the shares of Rishabh and Sudha were forfeited and were subsequently reissued at ₹ 7 per share fully paid.

Pass the necessary Journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance Account wherever required.

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

	Rs.
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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 _____.

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On Application Rs 2; on allotment Rs 1; on first call Rs 3 and on final call Rs 4 per share (four months after first call).

Amount due on application and allotment was duly received. One shareholder holding 1,000 shares could not pay the first call money in time. Another shareholder holding 2,000 shares paid the final call money along with the first call money.

Final call was made. All the shareholders paid in full. First call arrear on 1,000 shares were also received at the time of final call.

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Particulars	Amount (₹)
L: First call (300 × 3) Final call (300 × 2) M: Final call (550 × 2)	900 600 1,100
Total calls-in-arrears	2,600

The correct option is A ₹2,600 Particulars Amount (₹) L: First call (300 × 3) Final call (300 × 2) M: Final call (550 × 2) 900 600 1,100 Total calls-in-arrears 2,600

The correct option is A ₹2,600

Particulars Amount (₹)

L: First call (300 × 3)
Final call (300 × 2)
M: Final call (550 × 2)
900
600
1,100

Total calls-in-arrears 2,600