M. Ltd. issued 50,000 Equity Shares of Rs.10 each to the public, at a price of
Rs.12 per share, which was payable on application Rs.5 (including premium), on allotment
Rs.4 and the balance was payable on 1-6-1998.
Applications were received for 70,000 shares when the subscripttion list was closed on 31-1-
98. Out of the money received, Rs.40,000 was returned and Rs.60,000 was transferred to
allotment. Allotment money was paid on 15-2-1998. The amount due on first call was paid
on 1-6-1998 with the exception of 500 shares . These 500 shares were forfeited on 30-9-
1998 and were reissued at Rs.8 per share on 1-11-1998.
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