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Question - On 1 February 2011 the directors of Maccos Ltd issued 50,000 ordinary shares of shs1 each at shs1.20 per share, payable as to 0.50shs on application (including the premium), 0.40shs on allotment and the balance on 1 May 2011.The lists were closed on 10 February 2011, by which date applications for 70,000 shares had been received. Of the cash received, shs4,000 was returned and shs6,000 was applied to the amount due on allotment, the balance of which was paid on 16 February 2011. All shareholders paid the call due on 1 May 2011, with the exception of one allotee of 500 shares. These shares were forfeited on 29 September 2011 and reissued as fully paid at shs 0.80 per share on November 2011.
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