Question :

A company invited applications for 50,000 Equity Shares of  Rs. 10 each payable as follows:

On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.

Applications were received for 1,10,000 shares. It was decided

(i) to refuse allotment to the applicants for 10,000 shares,

(ii) to allot 50% to X who has applied for 20,000 shares,

(iii) to allot in full to Y who has applied for 10,000 shares,

(iv) to allot balance of the available shares on pro-rata basis among the other applicants, and

(v) to utilise excess application money in part payment of allotment and final call.

Question:- The amount adjusted against allotment will be:

Option 1:

Rs. 1,50,000

Option 2: Rs. 1,20,000

Option 3: Rs. 1,80,000

Option 4: Rs. 1,00,000

Question : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:

On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.

Applications were received for 1,10,000 shares. It was decided

(i) to refuse allotment to the applicants for 10,000 shares,

(ii) to allot 50% to X who has applied for 20,000 shares,

(iii) to allot in full to Y who has applied for 10,000 shares,

(iv) to allot balance of the available shares on pro-rata basis among the other applicants, and

(v) to utilise excess application money in part payment of allotment and final call.

Question:-  Amount received on allotment is:

Option 1: Rs. 60,000

Option 2: Rs. 40,000

Option 3: Rs. 30,000

Option 4: Rs. 15,000

Question : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:

On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.

Applications were received for 1,10,000 shares. It was decided

(i) to refuse allotment to the applicants for 10,000 shares,

(ii) to allot 50% to X who has applied for 20,000 shares,

(iii) to allot in full to Y who has applied for 10,000 shares,

(iv) to allot balance of the available shares on pro-rata basis among the other applicants, and

(v) to utilise excess application money in part payment of allotment and final call.

Question:-  Amount received on allotment is:

Option 1: Rs. 60,000

Option 2: Rs. 40,000

Option 3: Rs. 30,000

Option 4: Rs. 15,000

Question : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:

On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.

Applications were received for 1,10,000 shares. It was decided

(i) to refuse allotment to the applicants for 10,000 shares,

(ii) to allot 50% to X who has applied for 20,000 shares,

(iii) to allot in full to Y who has applied for 10,000 shares,

(iv) to allot balance of the available shares on pro rata basis among the other applicants, and

(v) to utilise excess application money in part payment of allotment and final call.

Question:- The amount that the company will transfer to call in advance

Option 1: Rs. 60,000

Option 2: Rs. 30,000

Option 3: Rs. 1,50,000

Option 4: None of these

Question : A company invited applications for 50,000 Equity Shares of Rs. 10 each payable as follows:

On application Rs. 3; on allotment Rs. 3; on first and final call Rs. 4.

Applications were received for 1,10,000 shares. It was decided

(i) to refuse allotment to the applicants for 10,000 shares,

(ii) to allot 50% to X who has applied for 20,000 shares,

(iii) to allot in full to Y who has applied for 10,000 shares,

(iv) to allot balance of the available shares on pro rata basis among the other applicants, and

(v) to utilise excess application money in part payment of allotment and final call.

Question:- The amount that the company will transfer to call in advance

Option 1: Rs. 60,000

Option 2: Rs. 30,000

Option 3: Rs. 1,50,000

Option 4: None of these