question_answer

You are required to answer the following questions 59 to 62 :

Gagan Ltd. has an Authorised Capital of Rs.15,00,000 divided into Equity Shares of Rs.10 each. Company offered 1,10,000 shares to Public for subscription. Applications were received for 1,00,000 shares and full allotment was made to all the applicants.
Issue price was payable as:	On Application Rs.5 along with Securities Premium Rs.2
	On Allotment Rs.3
	On First & Final Call Rs.2
Anurag who applied for 1500 Equity Shares failed to pay allotment and first & final call. Other shareholder Nilesh who applied for 1,000 shares failed to pay the first & final call.
Shares of Anurag were forfeited after the call and out of the forfeited shares 60% were reissued at Rs.7 per share fully paid up.
Number of shares to be shown under the Subscribed capital and Fully paid up:

A) 98,500 Equity Shares

B) 99,400 Equity Shares

C) 98,400 Equity Shares

D) 99,000 Equity Shares