The public was invited to subscribe

Reference no: EM13492803

Question 7

The public was invited to subscribe 320 000 of ordinary shares of Stone Ltd on 10th January 2014. The shares were valued at $15 per share.
The following amounts were payable:
On application: $8.00 per share
On allotment: $4.00 per share
By 10th February 2014, applications were closed.

There was an oversubscription of the shares on offer. The shares were allotted on a first come, first serve basis.

Application money for 20 000 shares were returned to unsuccessful applicants.
On 5th March 2014 : Allotment amount owed by the shareholders were paid.
On 10th June 2014 : The company made a call for the remainder of the share amount.
On 15th June 2013 : The call amount owing was paid by shareholders.
However, 10,000 shares remained unpaid in call amounts.

Reference no: EM13492803

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