Anu Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 20 per share payable as follows: On Application Rs. 40 (including Rs.10 premium), On Allotment Rs. 30 (including Rs.10 premium), On First Call Rs. 30 On Second and Final Call Rs. 20
Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 share. Excess application money was utilised towards allotment. Raju to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.
Find the amount of allotment not paid by Raju?
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs. 14,000
Raju was allotted shares on a pro-rata basis (30,000 shares for applications on 35,000), so he had applied for more shares than he got. The excess application money is adjusted towards allotment, and only the rest of the allotment money remains unpaid.
Shares applied for by Raju = 600 × 35,000/30,000 = 700
Application money paid = 700 × Rs. 40 = Rs. 28,000
Application money needed on 600 shares = 600 × Rs. 40 = Rs. 24,000
Excess adjusted on allotment = Rs. 4,000
Allotment due on 600 shares = 600 × Rs. 30 = Rs. 18,000
Allotment not paid = Rs. 18,000 − Rs. 4,000 = Rs. 14,000
Note: This question is from NCERT (2026-27). NTA sets numerical questions from NCERT too, so do not ignore NCERT while practising numericals.
NCERT (2026-27 edition):
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