X Ltd issued 90,000 shares of 10 each with a payment schedule of 2, 4, 3, 2. Some shareholders failed to pay allotment and call amounts, resulting in their shares being forfeited. These forfeited shares were reissued at 8 per share.
In the given scenario, X Ltd issued 90,000 shares of 10 each. The payment schedule for these shares was 2, 4, 3, 2. Application was received for 30,000 shares, out of which 24,000 shares were allotted on a pro-rata basis, and the balance 6,000 shares were rejected.
One shareholder holding 200 shares failed to pay the allotment and the first call amount, resulting in his shares being forfeited after the first call. Another shareholder holding 400 shares did not pay the first and second call amounts, resulting in his shares being forfeited after the second call.
All the forfeited shares were reissued at 8 per share. To calculate the total amount received from the reissue of forfeited shares, we need to multiply the number of shares (200 + 400 = 600) by the reissue price (8), which gives us a total of 4,800.
The probable question may be:
X ltd issued 90000 shares Of 10 each payable as , 2,4,3,2. application received for 30000 shares and pro rata to 24000 and balance rejected. One shareholder holding 200 shares failed to pay allotment and first call his share forfeited after first call. Other shareholder holding 400 shares did not pay first and second call money and his share money forfeited after second call. All forfeited shares reissued at 8rs per share. Calculate.