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
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
23,360
Allotment money received
1,76,640
Question :
S Ltd. issued 40,000 Shares of Rs. 10 each, for Rs. 12 each payable as under:
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:- Money received on application is __________.
Option 1: Rs. 1,20,000
Option 2: Rs. 80,000
Option 3: Rs. 96,000
Option 4: Rs. 24,000
2,000 shares were allotted, but failed to pay two calls. These were subsequently forfeited after the second and final call.
Question:- Excess money adjusted against amount due on the allotment is ____.
Option 1: Rs. 16,000
Option 2: Rs. 40,000
Option 3: Rs. 24,000
Option 4: None of these
Question : Shagoon Ltd. issued 40,000 Shares of Rs. 10 each, for Rs. 12 each payable as under:
Amrit, to whom 1,600 shares were allotted, failed to pay the allotment money. The amount that company will not received on allotment _________.
Option 1: Rs. 8,000
Option 2: Rs. 7,360
Option 3: Rs. 8,500
Option 4: Rs. 1,000
Question : SK Ltd. invited applications for 3,20,000 equity shares of Rs. 10 each at a premium of Rs. 5 per share. The amount was payable as follows:
On application— Rs. 3 per share (including premium Rs. 1 per share),
On allotment— Rs. 5 per share (including premium Rs. 2 per share),
On first and final call—Balance.
Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards, final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares, 1,500 shares were reissued at Rs. 8 per share fully paid-up. The reissued shares included all the forfeited shares of Jeevan
Question:- Amount received at the time of allotment is ______.
Option 1: Rs.14,76,400
Option 2: Rs.14,76,300
Option 3: Rs.14,80,000
Option 4: Rs.16,00,000
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