Welcome to CommerceNinja’s solutions for TS Grewal’s Class 12 Issue Of Shares for the session 2024-25.
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Q16. Modern Diaries Ltd. was registered with an authorised capital of ₹ 10,00,000 divided into 7,500 Equity Shares of ₹ 100 each and 2,500 Preference Shares of ₹ 100 each each. 1,000 Equity Shares and 500; 9% Preference Shares were offered to public on the following terms – Equity Shares payable ₹ 10 on application, ₹ 40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application, ₹ 25 on allotment and ₹ 50 on first and final call. All the shares were applied for and allotted. Amount due was duly received.
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