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 that the company will transfer to call in advance
Option 1: Rs. 60,000
Option 2: Rs. 30,000
Option 3: Rs. 1,50,000
Option 4: None of these
Correct Answer: Rs. 30,000
Solution : Answer = Rs. 30,000
STATEMENT SHOWING DETAILS OF SHARES APPLICATION MONEY
Categories
Shares
Application
Disposal of Shares Application Money Received
Applied
Allotted
Money
Share
Calls-in-
Refund
Received
Capital
Allotment
Advance
Rs.
1 (Rejected)
10,000
NIL
30,000
(10,000 x Rs.3)
II X
20,000
60,000
(20,000 x Rs. 3)
(10,000 x Rs. 3)
III Y
IV (Prorata)
70,000
2,10,000
90,000
(Bal.Fig.)
(70,000 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
Hence, the correct option is 2.
(i) to
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