Anticraft Ltd. invited applications for 2,00,000 shares of ₹10 each at ₹2 premium, payable as ₹3 on application, ₹6 on allotment (including premium) and ₹3 on call. Public had applied for 2,70,000 shares out of which applications for 20,000 shares were rejected and remaining were allotted on pro-rata basis. Rahul who has been allotted 8000 shares failed to pay allotment and call money. His shares were forfeited and later on 6,000 of these shares were re-issued @ ₹8 per share as fully paid-up.
Based on the above information, answer Questions.
Number of shares to be shown as subscribed and fully paid up will be.
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → 1,98,000 shares
Shares allotted = 2,00,000
Less: shares forfeited (Rahul) = 8,000
Shares still with shareholders = 1,92,000
Add: forfeited shares reissued as fully paid = 6,000
Subscribed and fully paid-up shares = 1,98,000
The 2,000 forfeited shares not yet reissued are not counted; only the amount paid on them is added as forfeited shares.
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