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Calls in Arrears

Shares are al...

Question

Shares are allotted after the receipt of money.

A

application

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B

allotment

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C

first call

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D

final call

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Solution

The correct option is A application
The next step after receiving application money is allotment of shares.

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Shares are allotted after the receipt of ____________

Shares are alloted after _________

Q. In allotment of shares, _______ A/c is debited and _________ A/c is credited, for receipt of allotment amount.

Q. X who applied for 100 shares was allotted 80 shares. The amount of demanded was Rs 2 on application, Rs 2 on allotment, Rs 2 as first call and Rs 3 on second call. He did not pay anything after application. The amount of calls-in-arrears is-

Q. Prince Limited issued a prospectus inviting applications for 20,000 equity shares of ₹10 each at a premium of ₹ 3 per share payable as follows:

With application	$—$	₹2,
On allotment (including premium)	$—$	₹5,
On first call	$—$	₹3,
On second call	$—$	₹3.

Applications were received for 30,000 shares and allotment was made on pro rata basis. Money overpaid on application s was adjusted to the amount due on allotment.
Mr Mohit whom 400 shares were allotted , failed to pay the allotment money and the first call , and his shares were forfeited after the first call . Mr Joly, whom 600 shares were allotted , failed to pay for the two calls and hence, his shares were forfeited .
Of the shares forfeited, 800 shares were reissued to Supriya as fully paid for ₹ 9 per share , the whole of Mr Mohit's shares being included.

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