IJL Ltd. Issued 20,000 shares of 10 each at a premium of 20% on May 1,...

 

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IJL Ltd. Issued 20,000 shares of 10 each at a premium of 20% on May 1, 2004, payable as follows: 4.50 (inclusive of premium)Mrs. M, to whom 1,000 shares were 2.50 On first and final call5.00 allotted, paid On application On allotment 5,000 on June 1, 2004. At the time of remitting the allotment money, she indicated that the excess money should be adjusted towards the call money. The directors of the company made the first and final call on October 31, 2004. The company has a policy of paying interest on calls-in-advance. The amount of interest paid to Mrs. M on calls-in-advance = ? IJL Ltd. Issued 20,000 shares of 10 each at a premium of 20% on May 1, 2004, payable as follows: 4.50 (inclusive of premium)Mrs. M, to whom 1,000 shares were 2.50 On first and final call5.00 allotted, paid On application On allotment 5,000 on June 1, 2004. At the time of remitting the allotment money, she indicated that the excess money should be adjusted towards the call money. The directors of the company made the first and final call on October 31, 2004. The company has a policy of paying interest on calls-in-advance. The amount of interest paid to Mrs. M on calls-in-advance = ?

Answer rating: 100% (QA)

The amount of interest paid to Mrs M on callsinadvance is Rs500 EXPL... View the full answer