Saturn Ltd issued 1 million shares at a price of $10 on 1 July  2019 under an initial public share offer. The subscribers are required to pay $5 on application, $3 on allotment and the balance on call to be announced at a later date. The share issue was oversubscribed by 200,000 shares. On 1 August 2019 the shares were allotted to all subscribers on a pro rata basis, and excess application moneys were applied against allotment moneys receivable on this date. What is the balance of the Call account on 1 August 2019?

Answer rating: 100% (QA)

To calculate the Calling Account Balance as of August 1 2019 it is necessary to first determine the ... View the full answer