| Vinod Ltd. issued 20,000 Equity Shares of Rs.10 each at a premium of 20% payable as: | |||||||||
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| Company passed a special resolution that second & final call will not be called except in the case of winding up. | |||||||||
| It will be considered as Reserve Capital. | |||||||||
| Applications were received or 30,000 shares and allotment was made as follows: | |||||||||
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| Excess money is to be utilized on allotment. | |||||||||
| Mr. White (Category A) who applied for 300 shares did not pay allotment and his shares were forfeited immediately after allotment. | |||||||||
| Mr. Black (Category C) who applied for 500 shares did not pay allotment and first call and his shares were forfeited after the first call. | |||||||||
| Out of the forfeited shares 400 were reissued (including all shares of Mr. White) to Mr. Red @ 10 each. Opening of Calls in arrears account is mandatory. V.V.IMP | |||||||||
| Excess money adjusted towards allotment: |
A) 30,000
B) 40,000
C) 50,000
D) 60,000
Correct Answer: A
Solution :
30,000
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