Question : S Ltd. issued 40,000 Shares of Rs. 10 each, for Rs. 12 each payable as under:
On application Rs. 2 per share, on allotment Rs. 5 per share (including premium), on first call Rs. 2 per share and on second and final call Rs. 3 per share.
Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, remaining applications being refused. Money overpaid on application was applied towards amount due on allotment.
A, to whom 1,600 shares were allotted, failed to pay the allotment money and B, to whom
2,000 shares were allotted, failed to pay two calls. These were subsequently forfeited after the second and final call.
Question:- Amount Received at the time of allotment _______.
Option 1: Rs. 1,76,640
Option 2: Rs. 1,86,000
Option 3: Rs. 2,00,000
Option 4: None of the above
Correct Answer: Rs. 1,76,640
Solution : Answer = Rs. 1,76,640
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1. Calculation of the amount due but not paid on allotment in case ofAmrit: |
Rs. |
|
|
(a) Total number of shares applied by Amrit = 1,600 x 48,000/40,000 = 1,920 shares. (b) Total money received on application from Amrit (1,920 x Rs. 2) |
3,840 |
|
|
(c) Excess application money [ Rs. 3,840 - (1,600 x Rs. 2)] |
640 |
|
|
(d) Total amount due on allotment (1,600 x Rs. 5) |
8,000 |
|
(e) Amount due but not paid on allotment by Amrit 8,000 - Rs. 640 (WN 1 (c))]
7,360
2. Calculation of allotment money received later:
(a) Total allotment money due (40,000 x Rs. 5)
2,00,000
(b) Less: (i) Already received (Excess Application Money) (ii) Amount due but not paid by Amrit (WN 1)
16,000
7,360
23,360
Allotment money received
1,76,640
