Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Shares

Question:

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 will be amount received by the company against issue of shares?

Options:

₹20,000

₹92,000

₹1,00,000

₹80,000

Correct Answer:

₹92,000

Explanation:

Amount due on total shares(10,000 * 10) = ₹1,00,000
shareholders didn't pay (1,000*8) = ₹ 8,000
so total amount received on shares is ₹ 92,000(1,00,000-8,000)