Based on the following passage, answer questions from 41 to 45:A Ltd with an Authorised Capital of is divided into shares of each, issued shares at a premium of per share payable as follows:On Application: per shareOn Allotment: per share (including premium)On First and Final call: Balance amountApplications were received for shares and the directors allotted shares to all on a proportionate (pro-rata) basis. All money was received except the first and final call from Hari who had applied for shares. His shares were forfeited and later half of his forfeited shares were reissued at per share as fully paid up.Question: Select the total gross cash amount received by the bank specifically from the reissue of Hari's shares.
- A
- B
- C
- D
Solution & Step-by-step Explanation
Let's calculate the reissued shares cash intake step-by-step:Find shares allotted to Hari:
So, shares were forfeited from Hari.Calculate Number of Reissued Shares:
Calculate Amount Received on Reissue:The shares were reissued at per share.
So, shares were forfeited from Hari.Calculate Number of Reissued Shares:
Calculate Amount Received on Reissue:The shares were reissued at per share.