Question : To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to set up a power plant. For raising funds the company decided to issue 8,50,000 equity shares of  Rs. 10 each at a premium of  Rs. 3 per share. The whole amount was payable on application. Applications for Rs. 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were allotted to the remaining applicants on pro-rata basis.

Question:-  Amount to be refunded:

Option 1: Rs. 25,50,000

Option 2: Rs. 1,49,50,000

Option 3: Rs. 65,00,000

Option 4: None of these

Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 6,000 shares, could not pay the call money and his shares were accordingly forfeited.

Question:- Number of shares allotted to A.

Option 1: 2,500

Option 2: 6,000

Option 3: 3,000

Option 4: 2,000

Question : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:

On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.

Applications were received for 1,10,000 shares. It was decided

(i) to refuse allotment to the applicants for 10,000 shares,

(ii) to allot 50% to X who has applied for 20,000 shares,

(iii) to allot in full to Y who has applied for 10,000 shares,

(iv) to allot balance of the available shares on pro-rata basis among the other applicants, and

(v) to utilise excess application money in part payment of allotment and final call.

Question:- Total application money will refund will be:

Option 1: Rs. 60,000

Option 2: Rs. 30,000

Option 3: Rs. 1,50,000

Option 4: Rs. 20,000

Question : Kirloskar Ltd. issued 20,000 shares of Rs. 10 each, payable Rs. 4 on application,  Rs. 3 on allotment and Rs. 3 on first and final call. Applications were received for 25,000 shares. The company decided to allot 20,000 shares on pro-rata basis and surplus of application money was adjusted for allotment money due.

Excess money adjusted towards Shares Allotment will be:

Option 1: Rs. 20,000

Option 2: Rs. 80,000

Option 3: Rs. 40,000

Option 4: Rs. 15,000

Question : A company offered 40,000 shares of Rs.10 each at par payable as to Rs.4 on application, Rs.5 on allotment and the balance on final call. Applications were received for 50,000 shares and the allotment was made on pro-rata basis. The excess application money was to be adjusted on allotment and call. How much amount will be transferred from Share Application A/c to Share Allotment A/c?

Option 1: Rs.30,000

Option 2: Rs.40,000

Option 3: Rs.20,000

Option 4: Rs.50,000

Question : Good Co. Ltd. invited applications for 1,00,000 shares of  Rs. 10 each payable:

 Rs. 3 on application,  Rs. 3 on allotment and the balance when required.
Applications were received for 1,20,000 shares out of which applications for 1,00,000 shares were accepted and the remaining applications were rejected. Allotment money was received on 99,500 shares. 

 On the basis of the above information, choose the correct option to the following question 

Question:-  Amount received on allotment will be:

Option 1: Rs. 99,500

Option 2: Rs. 2,98,500

Option 3: Rs. 3,00,000

Option 4: Rs. 2,99,500

Question : XYZ  Ltd. invited applications for issuing 1,00,000 equity shares of  Rs. 10 each at par. The amount was payable as follows:

On Application— Rs. 3 per share;

On Allotment— Rs. 4 per share; and

On First and Final Call— Rs. 3 per share.

The issue was oversubscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:

Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were reissued at  Rs. 15 per share fully paid-up.

Question:-  At the time of forfeiture  of shares, share forfeited account will be:

Option 1: Rs. 1,000

Option 2: Rs. 1,120

Option 3: Rs. 1,500

Option 4: Rs. 1,400

Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 6,000 shares, could not pay the call money and his shares were accordingly forfeited.

Question:- Amount received at the time of First and Final call is _______.

Option 1: Rs. 2,37,500

Option 2: Rs. 2,50,000

Option 3: Rs. 2,22,000

Option 4: Rs. 2,38,000