company accounts -1

no.of shares applied by p=3000*15000/10000=4500

amount received on application along with premium=4500*4=18000

surplus=4500-3000=1500*4=6000

amount received from q=3000*10=30000

according to companies act surplus belongs to company if articles r silent. so assume surplus belongs to p

so bank bal=18000+30000-6000=42000

Hi Mridul, the answer is :

amount received from shareholders other than defaulting shareholder p (7,000 shares x 12) = Rs. 84,000

amount received from P (3,000*3/2 x Rs. 4)                                                                                          = Rs. 18,000

Amount received from Q (3,000 x Rs. 10)                                                                                               = Rs. 30,000

total bank balance                                                                                                                                       Rs. 1,32,000

Regards, CA Shakuntala Chhangani

thanks to shakuntala chhangani (ma'am)