Practice Test

On 01.01.2009, X ltd. marks an issue of 100000 equity shares of Rs.10 each payable as follows : Application - Rs.20, Allotment - Rs.30, Final call - Rs.50 (3 months after allotment) Applications were received for 120000 shares and the directors refunded the excess application money. One shareholder, who was allotted 2000 shares paid first and final call with allotment money and another shareholder did not pay allotment money on his 3000 shares but which he paid with first and final call. Directors have decided to charge and allows interest, according to the provisions of Table-A. The amount of interest on calls-in-advance = ?

Equity shareholder is ___________

_____ refers to that part of the subscribed capital which has actually been paid by the shareholder to whom shares has been allotted.