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Find the balance of the Share Capital of XYZ Ltd at June

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Question - XYZ Ltd was incorporated on 1 January 2019. A private placement of 5000 shares at $1 a share was made and the public was invited to subscribe for 95 000 shares at the same price. The public issue called for payment in the following instalments:

(a) 40 cents on application

(b) 30 cents on allotment

(c) payment of the call for the balance outstanding by 30 September 2021.

Applications were received for 90 000 shares. All money due on allotment was received by 30 May 2019.

Required - Find the balance of the Share Capital of XYZ Ltd at 30 June 2019?

Reference no: EM132738407

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