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Practice question

Question

Following amounts were payable on issue of shares by a company: ₹ 3 on application, ₹ 3 on allotment, ₹ 2 on first call and ₹ 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

Options

Choose one · Correct answer highlighted

Explanation

₹2,800 company accounts correct; share issue forfeiture pro-rata per Companies Act.

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