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Calls in Arrears

Shares are al...

Question

Shares are allotted after the receipt of ____________

A

Allotment money

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B

Application money

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C

Call money

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D

None of these

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Solution

The correct option is B
Application money

Shares are allotted after the receipt of application money.

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Q. Shares are allotted after the receipt of money.

Q. Assertion :When pro-rata allotment of shares is made, the surplus application money is transferred to Share Allotment A/c. Reason: The company is not required to pay any interest on each surplus application money.

Q. In allotment of shares, for transfer of application money, __________ A/c is debited and _________ A/c is credited.

Q. If a company receives excess application money and the application money equal to shares issued transferred to Share Capital A/c and application money received on excess shares-some money is adjusted and against allotment and remaining was refunded, then which of the following entry is correct?

Q. Zoya Ltd. issued 10,000 shares of ₹10 each payable as ₹3 on application, ₹2 on allotment, ₹3 on first call, and ₹2 on the second and final call. K, a shareholder of 100 shares paid only application and allotment money. Y, a shareholder of 250 shares did not pay second and final call money. Calculate the total amount of calls-in-arrear:

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