Read the passage and answer the question.
Superb Limited issued Equity shares of the value ₹3,00,000, the face value being ₹10 each at a premium of 20%. The amount payable was-
Application-30%
Allotment-50% (including premium)
Two calls - Equal amount
Pro-Rata allotment was done to all applicants of 40,000 shares.
Ramit who applied for 80 shares failed to pay both calls and his shares were subsequently forfeited.
The amount received on applications adjusted towards allotment is:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → ₹30,000
Under a pro-rata allotment the application money received on shares not allotted is not refunded; it is adjusted towards the amount due on allotment.
Shares offered = 3,00,000 ÷ 10 = 30,000
Application money received = 40,000 × Rs. 3 = Rs. 1,20,000
Application money needed on 30,000 shares = 30,000 × Rs. 3 = Rs. 90,000
Excess adjusted towards allotment = 1,20,000 − 90,000 = Rs. 30,000
Allotment due is 30,000 × Rs. 5 = Rs. 1,50,000, more than the excess, so the whole Rs. 30,000 is adjusted.
NCERT (2026-27 edition):
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