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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
ABC Ltd. was registered with 1, 00,000 ordinary shares of Rs. 15 each. It later offered 60,000 shares for public subscription as follows:
Rs. 4.00 on application
Rs. 5.00 on allotment
Rs. 3.00 on first call
Rs. 3.00 on second call
Applications were received for only 50,000 ordinary shares. By December 20, 2018 the company had issued all the shares applied for and received applications and allotment moneys. It had also received the first call on all the issued shares except 500 of them, but the second call had not yet been made.
Compute the various forms of share capital.
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