CAS Ltd. issued 40,000 shares of Rs 10 each at a premium of 20% on May...

 

Transcribed Image Text:

CAS Ltd. issued 40,000 shares of Rs 10 each at a premium of 20% on May 01 payable as follows: Rs 4.50 (inclusive of premium) Rs 2.50 On first and final call Rs 5.00 Mr. X, to whom 2,000 shares were allotted, has paid Rs 10,000 on June 01. 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. The company has a policy of paying interest on calls-in- advance. The amount of interest paid to Mr. X on calls-in-advance = ? On application On allotment CAS Ltd. issued 40,000 shares of Rs 10 each at a premium of 20% on May 01 payable as follows: Rs 4.50 (inclusive of premium) Rs 2.50 On first and final call Rs 5.00 Mr. X, to whom 2,000 shares were allotted, has paid Rs 10,000 on June 01. 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. The company has a policy of paying interest on calls-in- advance. The amount of interest paid to Mr. X on calls-in-advance = ? On application On allotment

Answer rating: 100% (QA)

Mr X has paid Rs 10000 as the allotment money on June ... View the full answer