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Standard XII

Accountancy

Calls in Arrears

When any shar...

Question

When any shareholder does not pay his call money to company on his due date. This is known as ?

Undersubscription of shares

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Calls in arrears

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Oversubscription of shares

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Calls in advance

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Solution

The correct option is B
Calls in arrears

When any shareholder does not pay his call money to company on his due date. This is known as calls in arrears.

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Similar questions

Q. A company issued

25, 000

shares of

R s . 10

each. The amount was demanded as under:
On application -

R s . 2

On allotment -

R s . 4

1 s t

Call -

R s . 2

2 n d

Call -

R s . 2

A shareholder, who was allotted

500

shares did not pay

1 s t

Call and

2 n d

Call money. His shares have been forfeited. What amount will be credited to share forfeited account?

A Company issued 50,000 equity shares of Rs 10 each at par payable as under:

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.

(a) Make entries in the Company's journal for transactions relating to first call and final call.

(b) Company also decided to provide free transportation facility to its employees. Identify the value involved in this decision.

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:

Q. 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]

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 _____.

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When any shareholder does not pay his call money to company on his due date. This is known as ?

The correct option is B Calls in arrears When any shareholder does not pay his call money to company on his due date. This is known as calls in arrears.

The correct option is B
Calls in arrears

When any shareholder does not pay his call money to company on his due date. This is known as calls in arrears.