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A company issued for public subscription …

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A company issued for public subscription 40000 equity shares of rs 10 at premium rs 2 per share payable as under Application ....rs 3 per share Allotment ....rs 4 First call ....rs 2 Final call .....rs 3 Applications were recieved for 70000 shares. Allotmnt was made pro rata basis to applicants for 50000 shares,remaning were refused.money overpaid on application was applied towards sum due on allotmnt. A to whom 1600 shares were alloted failed to pay allotment and calls money. B to whom 2000 shares were alloted failed to pay 2 calls . Shares of A and B were forfeited after second call was made. 3000 were reissued at rs 8 per share fully paid. Reissued shares include all A's shares.

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CBSE > Class 12 > Accountancy

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