Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Shares

Question:
The Adarsh Control Device Ltd. was registered with a nominal capital of 30000 shares of ₹10 each, Out of which 20000 shares were offered to the public. The amount payable is ₹3 per share on the application, ₹4 per share on the allotment, and ₹3 per share on the first and final call. 19000 shares are subscribed by the public which is allotted to them. All shareholder pay the full amount except a shareholder Ram who hold 1000 shares not pay the final call.
How much amount the company received on allotment by its shareholders?
Options:
₹100000
₹76000
₹80000
₹120000
Correct Answer:
₹76000
Explanation:
Amount on allotment= 19000 shares X 4 = ₹76000