Question : X Ltd. issued 20,000 shares of Rs. 10 each payable as follows:
On application Rs. 6 and balance on allotment. Applications were received for 32,500 shares and pro rata allotment was made to the applicants of 25,000 shares. All the shareholders have paid the amount due up to allotment except X the allottee of 4,000 shares.
(i) Calculate amount due but not paid by X.
(ii) Calculate allotment money received later.
Option 1: Rs. 10,000 and Rs. 40,000
Option 2: Rs. 10,000 and Rs. 50,000
Option 3: Rs. 5,000 and Rs. 45,000
Option 4: Rs. 10,000 and Rs. 60,000
Correct Answer: Rs. 10,000 and Rs. 40,000
Solution :
Answer = Rs. 10,000 and Rs. 40,000
Total No. of shares applied by X = 25,000/20,000 x 4,000 = 5,000 shares.
|
(i) |
Calculation of amount due but not paid on allotment by X: |
Rs. |
|
Application money received from X (5,000 × Rs. 6) |
30,000 |
|
|
Less: Application money due on shares allotted (4,000 × Rs. 6) |
24,000 |
|
|
Excess application money adjusted on allotment |
6,000
Allotment money due on shares (4,000 x Rs. 4)
16,000
Less: Excess application money adjusted on allotment
6,000
Allotment amount due but not received from X
10,000
(ii)
Calculation of allotment money received later
Total allotment money due (20,000 × Rs. 4)
Less: Allotment money already received
80,000
on application stage (5,000 × Rs. 6)
30.000
50.000
Less: Allotment amount due but not received from X [as per (i)]
10,000
Allotment money received
40,000
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