Cronic Limited issued 10,000 equity shares of Rs. 10 each payable as Rs. 2.50 on application, Rs. 3 on allotment, Rs. 2 on first call, and the balance - Accountancy MCQ CUET Accountancy 2026 | ExamTest.live

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Cronic Limited issued 10, 000 equity shares of Rs. 10 each payable as Rs. 2.50 on application, Rs. 3 on allotment, Rs. 2 on first call, and the balance of Rs. 2.50 on second and final call. All the shares were fully subscribed and paid except by a shareholder having 100 shares who could not pay for the second and final call. Calls in Arrears A/c will be debited with:

Solution & Step-by-step Explanation

To find the amount to be debited to the Calls in Arrears Account, we calculate the money that was due but left unpaid on the second and final call.Number of defaulting shares = 100 sharesRate due on the second and final call = Rs. 2.50 per share Calls in Arrears = Number of Defaulting Shares \times Rate per Share Calls in Arrears = 100 \times 2.50 = Rs. 250 Therefore, the Calls in Arrears Account will be debited with Rs. 250 .

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Cronic Limited issued 10, 000 equity shares of Rs. 10 each payable as Rs. 2.50 on application, Rs. 3 on allotment, Rs. 2 on first call, and the balance of Rs. 2.50 on second and final call. All the shares were fully subscribed and paid except by a shareholder having 100 shares who could not pay for the second and final call. Calls in Arrears A/c will be debited with:

Rs. 300

Rs. 150

Rs. 200

Rs. 250

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