Apple Orchads ltd. issued 2,00,000 equity shares of ₹10 each at par payable ₹4 on application, ₹ 3 on allotment and balance as first and final call. It received ₹6,80,000 as application money. What amount it should receive on Allotment ?
Answer & explanation
Correct answer: option 4
The company has not received Minimum Subscription. Therefore, allotment cannot be made and application money will be refunded.