A company issued 10,000 shares of ₹10 each. Amount is payable as ₹2 on application, ₹5 on allotment, and ₹3 on first and final call. A shareholder who had 1,000 shares failed to pay allotment and first call amount on due date. What amount is received by the company against issue of shares?
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹92,000.
Amount due on total shares = 10,000 x 10
= ₹1,00,000
Shareholders didn't pay on 1,000 shares @ 8
Not paid money = 1000 x 8
= ₹8,000
So total amount received on shares = 1,00,000 - 8,000
= ₹92,000