R.Ltd invited applications for 15,000 shares of ₹10 each at premium of ₹2 per share. The amount was payable as follows:
On Application ₹4
On allotment ₹5
On 1st call ₹2
On final call ₹1
Applications were received for 20,000 shares. The application of 2,000 shares was rejected. Mohan, who applied for 3,000 shares was allotted in full and prorata allotment was made to the remaining applicants. All money was fully received with the exception of the first call and final call on 3,000 shares held by Hari. These shares were forfeited and subsequently re-issued @ ₹8 per share.
On the basis of the above information answer the question.
Interest on calls in advance is allowed according to Table F of the Companies Act, 2013 at the rate of:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → 12% p.a.
Money received before a call is made is calls in advance, a liability of the company. Table F of the Companies Act, 2013 allows interest on it at a rate not exceeding 12% per annum; 10% p.a. is the Table F rate for calls in arrears.
NCERT (2026-27 edition): |