Multiple Choice Questions on A shareholder holding 600 shares paid the amount of call Rs5 per share on 1st November 2018 whereas ........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

A shareholder holding 600 shares paid the amount of call Rs5 per share on 1st November 2018 whereas ...........

General Accounting Principles Accounting for Shares
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    A shareholder holding 600 shares paid the amount of call @ Rs5 per share on 1st November 2018 whereas the call was due on 1st March 2019. Interest on calls in advance as per Table F will be :

    Rs.45

    Incorrect Answer

    Rs.60

    Incorrect Answer

    Rs.50

    Incorrect Answer

    Rs.120

    Correct Answer
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    Explanation:

    no. of shares = 600 @5 each (i.e.600*RS.5=RS.3000)

    IF DEED IS SILENT THEN ACCORDING TO TABLE F INTEREST ON CALLS IN ADVANCE WILL  be 12%P.A.

    3000*12/100=360

    4(MONTHS) FROM 1 NOV 2018 TO 1 MARCH 2019

    SO 360*4/12= 120

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