QUESTION TWO [35] Calrulate I td was incornnrated nn 31 . Ianuarv 2020 with an athnrised share canital as

QUESTION TWO [351 Calculate Ltd was incorporated on 31 January 2020 with an authorised share capital as follows: 950 000 ordinary shares (Class A) 440 000 10% preference shares (Class B) The following information in respect of shares is provided for the period erded 31 May 2020: Date - 2020 1 February 10 February 1 March 30 April 15 May 15 May 31 May Details A motion was passed by the incorporators to take up the following: 200 000 Ordinary shares at RI each; and 40 00010% Preference shares at RIO each. Incorporators paid in all monies due for the shares taken on 1 February 2020. An underwriter's agreement was concluded to Offer the following; 350 000 Ordinary shares at RI each; and 45 000 10% Preference shares at RIO each. Underwiter's commissi(X1 was agreed at 7%. undervaiter's account must be settled on 15 May 2020 Applications for shares on the final date for applications were received as 285 000 Ordinary shares at RI each: and 38 00010% Preference shares at RI O each Allotment Of shares to all applicants and to the underwriter was completed. The underwriter'S account was settled as required by the underwriter'S agreernent. Share issue costs of RI 7 500 were paid. 3