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 received on allotment will be:
Option 1: Rs. 60,000
Option 2: Rs. 24,000
Option 3: Rs. 23,520
Option 4: Rs. 36,000
Correct Answer: Rs. 23,520
Solution : Answer = Rs. 23,520
Amount received on allotment:
Total amount due on allotment (30,000 x Rs. 2)
60,000
Less: Excess application money adjusted (6,000 x Rs. 6)
36.000
24.000
Less: Amount due but not paid by Hari [WN 1 (b)]
480
Net amount received on allotment
23,520
Rs. 2 on allotment (including Rs. 1
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. 2 on
Question : SK Ltd. invited applications for 3,20,000 equity shares of Rs. 10 each at a premium of Rs. 5 per share. The amount was payable as follows:
On application— Rs. 3 per share (including premium Rs. 1 per share),
On allotment— Rs. 5 per
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