1.

Manvet Ltd. invited applications for issuing 10,00,000 equity shares of 10 each payable as follows :On application and allotment 4 per share (including premium 1)On first call 4 per share,On second and final call 3 per share.Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted on the sums due on calls. A shareholder who had applied for 6,000 shares did not pay the first, and the second and final call. His shares were forfeited. 90% of the forfeited shares were reissued at 8 per share fully paid up.1. The amount credited to Securities Premium Reserve is----- (A) ₹15,00,000 (B) ₹5,00,000 (C) ₹10,00,000 (D) ₹40,00,0002. The total amount of calls in arrear is ------------ (A)₹28,000 (B)₹20,000 (C)₹8,000 (D)₹42,0003. How many shares were reissued? (A) 4,000(B) 6,000 (C) 3,600 (D) 3,2004. The balance left in forfeiture account after reissue of shares is -------- (A)₹7,200 (B)₹20,000 (C)₹10,800 (D)₹2,000

Answer»

1. (C) ₹10,00,000

2. (B)₹20,000

3. (C) 3,600

4. (D)₹2,000



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