Practice question
Question
X Limited issued 50,000 equity shares of ₹10 each on a premium of ₹5 per share. The amount was payable as follows: On application ₹2 per share, on allotment ₹7 per share, and remaining on the first and final call. All the shares were subscribed and the amount was duly received. Identify the correct option regarding the amount received on the first and final call by the company.
Explanation
₹3,00,000 company accounts correct; share issue forfeiture pro-rata per Companies Act.
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