XYZ Ltd. issued 10,000 equity share of 100 each payable as follows: Rs. 20 on the application, Rs. 20 on the allotment, Rs. 30 on first call and Rs. 30 on the second and final call. 10,000 shares were applied and allotted. Mr. A holding 100 shares couldn't pay both calls. The shares are forfeited. What is the total amount balance in Calls in Arrear A/c?

Rs. 6000

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Rs. 5000

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Rs. 4000

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Rs. 3000

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Solution

The correct option is A
Rs. 6000

The total amount balance in Calls in Arrear A/c

= 100(30+30)

= 10060

= Rs. 6,000

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Similar questions

XYZ Ltd. issued 10,000 equity share of 100 each payable as follows: Rs. 20 on the application, Rs. 20 on the allotment, Rs. 30 on first call and Rs. 30 on the second and final call. 10,000 shares were applied and allotted. Mr. A holding 100 shares couldn't pay both calls. The shares are forfeited. By what amount the Share Forfeiture A/c be credited?

PRACTICAL PROBLEMS

(Forfeiture of shares issued at par)

Vijay Ltd. issued Rs 40,000 Equity shares of Rs 10 each payable as follows.

On Application	:	Rs 2	On Allotment	:	Rs 3
On First Call	:	Rs 3	On Second Call	:	Rs 2

The company received applications for Rs 50,000 equity shares. Allotment for shares was made on pro rata basis. Share allotment and calls were made and as also received except Raja holding Rs 1,000 shares failed to pay both the calls. His shares were forfeited after second call.

Record the above transactions in books of Vijay Ltd.

Note: Excess money received on share application 10,000 × Rs 2 = 20,000 will be diverted to share allotment A/c.

Naman Ltd issued 20,000 shares of Rs 100 each, payable Rs 25 on application, Rs 30 on allotment , Rs 25 on first call and The balance on final call. All money duly received except Anubha, who holding 200 shares did not pay allotment and calls money and Kumkum, who holding 100 shares did not pay both the calls. The directors forfeited shares of Anubha and kumkum.

Give journal entries.

Q. Naman Ltd issued 20,000 shares of Rs. 100 each, payable Rs. 25 on application, Rs. 30 on allotment, Rs. 25 on first call and the balance on final call. All money duly received except Anubha, who holding 200 shares did not pay allotment and calls money and Kumkum, who holding 100 shares did not pay both the calls. The directors forfeited shares of Anubha and Kumkum.
Give journal entries.

PRACTICAL PROBLEMS

(Issue at premium and calls in arrears)

Hindusthan Petroleum Ltd., invited application for 40,000 Equity shares of Rs 100 each payable as under including 20% premium:

On Application	:	Rs 30	On Allotment	:	Rs 40 (including premium)
On First Call	:	Rs 20	On Final Call	:	Rs 30

All the shares were applied for and also allotted. One share holder who was allotted 500 shares failed to pay first and final call.

Record the above transactions in the journal of the company.

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The correct option is A Rs. 6000 The total amount balance in Calls in Arrear A/c = 100*(30+30) = 100*60 = Rs. 6,000

The correct option is A
Rs. 6000

The total amount balance in Calls in Arrear A/c

= 100(30+30)

= 10060

= Rs. 6,000