Practicing Success
Give answer on the basis of Information given below. Poonam Ltd. invited application for 5,00,000 shares of ₹10 each @10% premium payable as follows: Application - ₹3 Applications were received for 6,60,000 shares. Application for 60,000 shares were rejected and pro-rata allotment was made as follows: (a) 4,00,000 shares - full Mr. Aman, who was allotted 500 shares under category (a), paid full amount along with allotment money. Whereas another shareholder, Mr. Rahul who was allotted 1000 shares under category (b) failed to pay the allotment money. His shares were subsequently forfeited. These shares were reissued at ₹14 per share for ₹7 paid up. Final call has not yet been made. |
Amount received on allotment: |
₹21,99,500 ₹25,00,000 ₹25,01,500 ₹22,01,500 |
₹21,99,500 |
The correct answer is Option (1) - ₹21,99,500. Issued applications = 500000 In category a 400000 applications all applications are accepted. Allotment - ₹5 [including premium] Excess money received on applications adjusted against allotment = 100000 x 3 Rahul allotted shares = 1000 Allotment money due on 500000 shares = 500000 x 5 Aman paid amount of call on allotment = 500 x 3 Amount received on allotment = 2500000 - 300000 - 2000 + 1500 |