Zee Ltd issued 15,000 equity shares of Rs.20 each at a premium of Rs.5 payable Rs.5 on
application,Rs.10 on allotment (including premium) and the balance on first and final call. The company
received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares
were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was
made. The forfeited shares were reissued to Dheeraj at par. Assuming that no other bank transactions
took place, the bank balance of the company after the above transactions is :
Dear Student
Application money received = 22500× 5 = 1,12,500
Amount due on allotment = 1,50,000
Less:- excess amount received on application = (37500)
Less:- call in arrear (9000)
Amount received on allotment = 103500
Amount due on first call = 150,000
Less:- call in arrear = (12000)
Amount received on first call = 1,38,000
Amount received from dheeraj on reissue of shares = 1200× 20 = 24000
Total Bank balance = 1,12,500 + 103500 + 138000 + 24000 = 3,78,000
Regards
Application money received = 22500× 5 = 1,12,500
Amount due on allotment = 1,50,000
Less:- excess amount received on application = (37500)
Less:- call in arrear (9000)
Amount received on allotment = 103500
Amount due on first call = 150,000
Less:- call in arrear = (12000)
Amount received on first call = 1,38,000
Amount received from dheeraj on reissue of shares = 1200× 20 = 24000
Total Bank balance = 1,12,500 + 103500 + 138000 + 24000 = 3,78,000
Regards