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:

₹1,000

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₹500

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₹300

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₹3,500

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Solution

The correct option is A ₹1,000

Particulars Amount (₹)

K: First Call (100 x 3)
Final Call (100 x 2)

Y: Final Call (250 x 2) 300
200

500

Total Calls-in-arrears 1,000

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[0.88 marks]

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 :

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 _____.

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;
On Allotment	–	3 per share (including premium);
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;
(ii)	To applicants for 50,000 shares	–	40,000 shares;
(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.

Rishabh, a shareholder, who applied for 1,500 shares and belonged to category (ii), did not pay allotment, first and second and final call money.

Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first and second and final call money.

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.

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.

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Particulars	Amount (₹)
K: First Call (100 x 3) Final Call (100 x 2) Y: Final Call (250 x 2)	300 200 500
Total Calls-in-arrears	1,000

The correct option is A ₹1,000 Particulars Amount (₹) K: First Call (100 x 3) Final Call (100 x 2) Y: Final Call (250 x 2) 300 200 500 Total Calls-in-arrears 1,000

The correct option is A ₹1,000

Particulars Amount (₹)

K: First Call (100 x 3)
Final Call (100 x 2)

Y: Final Call (250 x 2) 300
200

500

Total Calls-in-arrears 1,000