Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows
Rs. 3 on application
Rs. 4 on allotment - (including premium)
Rs. 4 on first and final call
Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-
The amount received on First and Final call is
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs. 38,800
The first and final call of Rs. 4 is due on all 10,000 shares allotted. Mr. Sharma (100 shares allotted) and Mr. Verma (200 shares) did not pay it.
Call money due = 10,000 × Rs. 4 = Rs. 40,000
Less: Unpaid = (100 + 200) × Rs. 4 = Rs. 1,200
Amount received on call = 9,700 × Rs. 4 = Rs. 38,800
NCERT (2026-27 edition):
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