Question :
On 1st April, 2019, amita Ltd. issued 30,000 Equity Shares of Rs. 10 each at a premium of Rs. 4 per share, payable as follows:
Rs. 6 on application (including Rs. 1 premium),
Rs. 2 on allotment (including Rs. 1 premium),
Rs. 3 on first call (including Rs. 1 premium), and
Rs. 3 on second and final call (including Rs. 1 premium).
Applications were received for 45,000 shares, of which applications for 9,000 shares were rejected and their money was refunded. Rest of the applicants were issued shares on pro rata basis and their excess money was adjusted towards allotment.
Hari, to whom 600 shares were allotted, failed to pay the allotment money and his shares were forfeited after allotment. Mohan, who applied for 1,080 shares failed to pay the two calls and on his such failure, his shares were forfeited.
1,200 forfeited shares were reissued as fully paid-up on receipt of Rs. 9 per share, the whole of Mohan's shares being included.
Question:- Amount due but not paid by hari at the time of allotment will be:
Option 1: Rs. 720
Option 2: Rs. 1,200
Option 3: Rs. 480
Option 4: Nil
Correct Answer: Rs. 480
Solution :
Answer = Rs. 480
Excess amount received from Hari on application:
600 shares were allotted to Hari
Therefore, he must have applied for =36,000/ 30,000 x 600 = 720 shares
Excess application money received from Hari:
(720 shares - 600 shares) x Rs. 6 = 120 shares x Rs. 6 = Rs. 720.
|
Amount due but not paid by Hari on allotment: |
Rs. |
|
600 shares x Rs. 2 |
1,200 |
|
Less: Excess application money adjusted on allotment [ Rs. 600 as a part of Share Capital (600 x Rs. 1) and balance Rs. 120 as a |
720
part of Securities Premium]
Amount due but not paid by Hari
480
Hence, the correct option is 3.
