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:- The amount adjusted against allotment will be:
Option 1:
Rs. 1,50,000
Option 2: Rs. 1,20,000
Option 3: Rs. 1,80,000
Option 4: Rs. 1,00,000
Correct Answer: Rs. 1,20,000
Solution :
Answer = Rs. 1,20,000
STATEMENT SHOWING DETAILS OF SHARES APPLICATION MONEY
|
Categories |
Shares |
Shares |
Application |
Disposal of Shares Application Money Received |
|||
|
Applied |
Allotted |
Money |
Share |
Shares |
Calls-in- |
Refund |
|
|
Received |
Capital |
Allotment |
Advance |
||||
|
Rs. |
|||||||
Rs.
Rs.
Rs.
Rs.
1 (Rejected)
10,000
NIL
30,000
30,000
(10,000 x Rs.3)
II X
20,000
10,000
60,000
30,000
30,000
(20,000 x Rs. 3)
(10,000 x Rs. 3)
(10,000 x Rs. 3)
III Y
10,000
10,000
30,000
30,000
(10,000 x Rs. 3)
(10,000 x Rs. 3)
IV (Prorata)
70,000
30,000
2,10,000
90,000
90,000
30,000
(Bal.Fig.)
(Bal.Fig.)
(70,000 x Rs. 3)
(30,000 x Rs. 3)
(30,000 x Rs. 3)
(2,10,000
- 90,000 - 90,000)
Total
1,10,000
50,000
3,30,000
1,50,000
1,20,000
30,000
30,000
Hence, the correct option is 2.
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