Applications
Question :
Good Co. Ltd. invited applications for 1,00,000 shares of Rs. 10 each payable: Rs. 3 on application, Rs. 3 on allotment and the balance when required. Applications were received for 1,20,000 shares out of which applications for 1,00,000 shares were accepted and the remaining applications were rejected. Allotment money was received for 99,500 shares.
On the basis of the above information, choose the correct option to the following question.
Question:- Amount refunded will be ____________.
Option 1: Rs. 80,000
Option 2: Rs. 60,000
Option 3: Rs. 2,00,000
Option 4: None of theses
Correct Answer: Rs. 60,000
Solution : Answer = Rs. 60,000
Application money = Rs.3. Excess shares = Shares applied - Shares allotted = 1,20,000 - 1,00,000 = 20,000 shares. Amount refunded = 20,000 X Rs.3 = Rs.60,000.
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