Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 6,000 shares, could not pay the call money and his shares were accordingly forfeited.
Question:- Excess application money adjusted against the amount due on allotment is _____.
Option 1: Rs. 3,60,000
Option 2: Rs. 1,20,000
Option 3: Rs. 2,10,000
Option 4: None of these
Correct Answer: Rs. 2,10,000
Solution : Answer = Rs. 2,10,000
The excess amount is adjusted at the time of allotment = 70,000 (1,20,000 - 50,000) X Rs.3 = Rs.2,10,000.
Question : X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis The excess money
Question :
X Ltd. invited applications for 50,000 shares of Rs.10 each at 10% premium, payable on Rs.3 on application, Rs.3 on allotment and balance amount on first and final call Applications were received for 1,20,000 shares and shares were allotted on
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile