On 1.1.2015, X Ltd. marks an issue of 1,00,000 equity shares of Rs. 100 each payable as follows:
Application Rs. 20
Allotment 30
Final call 50 (3 months after allotment)
Applications were received for 1,20,000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2,000, shares paid first and final call with allotment money and another shareholder did not pay allotment money on his 3,000 shares but which he paid with first and final call. Directors have decided to charge and allows interest, according to the Table F of Schedule I to the Companies Act, 2013. Interest on calls-in-advance = ?
View solution