Multiple Choice Questions on Following amounts were payable on issue of shares by a Company Rs 3 on application Rs 3 on allotment........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Following amounts were payable on issue of shares by a Company Rs 3 on application Rs 3 on allotment...........

General Accounting Principles Accounting for Shares
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    Following amounts were payable on issue of shares by a Company : Rs 3 on application, Rs 3 on allotment. Rs 2 on lirst call and Rs 2 on final call. X holding 500 shares paid only application and allotment money whereas Y holding 400 shares did not pay final call. Amount of calls in arrear will be :

    Rs 3,800

    Incorrect Answer

    Rs 2,800

    Correct Answer

    Rs 1,800

    Incorrect Answer

    Rs 6,200

    Incorrect Answer
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    Explanation:

    X holding 500 shares 

    Calls in arrear a/c dr.            Rs.1,000

                              to share first call a/c            Rs.1,000

    calls in arrear a/c dr              Rs.1,000

                                  to share 2nd call a/c       Rs.1,000

    calls in arrear for X = 2,000

    Y holding 400 share

    calls in arrear a/c DR.           Rs.8es00

                 to share final call a/c          Rs 800

    calls in arrear for Y = 800

    TOTAL CALLS IN ARREAR = 2,000 (FOR X) + 800 (FOR Y) i.e. 2,800

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