Zee Ltd. Forfeited shares of a person who applied for 1,000 shares of ₹10 each for non payment of allotment money and final call of ₹5 and ₹3 respectively. These shares belong to category (4000 shares alloted on 8,000 shares) , in which pro rata allotment was made. How much amount was NOT received on allotment?
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹1,500.
"Share allotted = Total share allotted * No. of shares applied/ Total share applied
= 4,000 x 1,000/8,000
= 500
Money received = 1,000 x 2
= 2,000
Share capital used on application = 500 x 2
= 1,000
Excess money = 2,000 -1,000
= 1,000 (It will be adjusted to allotment)
Allotment due = 500 x 5
= 2,500
Allotment money not paid = Amount due - Excess received on application
= 2,500 - 1,000
= 1,500