Multiple choice

R Ltd. issued 60, 000 shares of Rs. 10 each at a discount of Re. 1 per share. The application money was Rs. 2, allotment money was Rs. 4 and first call was of Re. 1. The amount of final call will be

  1. Rs. 3

  2. Rs. 2

  3. Rs. 1

  4. nil
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

 Amount payable on application  = Rs 2 Amount payable on allotment       =Rs 4 Amount payable on 1st Call         =Re1 Total                                                   =Rs 7 Amount payable on 2nd Call        = Rs (10-1-7)                                                             =Rs 2

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