Metacaf Ltd issued 50,000 shares of Rs.100 each payable Rs.20 on application(on 1st May 2012); Rs.30 on allotment (on 1st January 2013); Rs.20 on 1st call(on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5000 shares didn't pay the first call on the due date. The second call was made and Shankar paid the first call amount along with the second call.All sums due were received. Total amount received on 1st February was:
a)Rs.1500000
b)Rs.1600000
c)Rs.1000000
d) Rs.1100000
Meritnation plzz show me how u get the answer with proper explanation plzz I want to understand
amt. due on 1st Feb was Rs.30 on 50,000 shares but shnkr paid frst call with final call so
on 45,000 shares(50,000-5,000) amt. received is 45,000 x 30=13,50,000
and on shankar's 5,000 shares he paid Rs.50(30-1st call+ 20-final call) .. shnkr paid 5,000 x 50=2,50,000
so,total amt. received is 13,50,000+2,50,000=16,00,000
so, (b) is correct
hope dis 'll help u.....:)..
on 45,000 shares(50,000-5,000) amt. received is 45,000 x 30=13,50,000
and on shankar's 5,000 shares he paid Rs.50(30-1st call+ 20-final call) .. shnkr paid 5,000 x 50=2,50,000
so,total amt. received is 13,50,000+2,50,000=16,00,000
so, (b) is correct
hope dis 'll help u.....:)..