Question : Raghav Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 shares of Rs. 10 each. The company offered 60,000 shares to public on which amounts were payable Rs. 3 per share on application, Rs. 3 per share on allotment and the balance when required. Applications for 92,000 shares were received on which the Directors allotted as follows:
|
Applicants for 40,000 shares |
— |
Full, |
|
Applicants for 50,000 shares |
— |
40%, |
|
Applicants for 2,000 shares |
— |
Nil. |
Rs. 84,000 were received as allotment money (excluding the amount carried from application money).
Question:- Amount refunded will be:
Option 1: Rs. 36,000
Option 2: Rs. 96,000
Option 3: Rs. 60,000
Option 4: Rs. 30,000
Correct Answer: Rs. 36,000
Solution : Answer = Rs. 36,000
In the Books of Raghav Ltd.
JOURNAL
|
Date |
Particulars |
L.F. |
Dr. ( Rs.) |
Cr. Rs. |
|
|
Bank A/c (92,000 x Rs. 3) |
...Dr. |
2,76,000 |
|||
|
To Shares Application A/c (Application money received for 92,000 shares) |
2,76,000 |
||||
|
Shares Application A/c |
...Dr. |
2,76,000 |
|||
To Share Capital A/c (60,000 x Rs. 3)
To Bank A/c (2,000 x Rs. 3 + 10,000 xT3)
To Shares Allotment A/c (20,000 x Rs. 3) (Application money adjusted and surplus refunded)
1,80,000
36.000
60.000
Shares Allotment A/c
...Dr.
1,80,000
To Share Capital A/c
(Allotment money due on 60,000 shares @ Rs. 3 per share)
1,80,000
Bank A/c
...Dr.
84,000
To Shares Allotment A/c
(Amount received on allotment except on 12,000 shares)
84,000
Hence, the correct option is 1.
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