A company issued 4,000 equity shares of ₹10 each at par payable as under : On application ₹3; on allotment ₹2; on first call 4 and on final call ₹1 per share. Applications were received for 13000 shares. Applications for 3000 shares were rejected and pro-rata was made on the remaining shares.
How much amount was received on first call in cash?
Options:
₹5000
₹5500
₹6000
₹6500
Correct Answer:
₹6000
Explanation:
Amount received on application = 10000 X 3 = ₹30000 Amount should be on the application = 4000 X 3 = ₹12000 The excess amount received that will be adjusted towards allotment and calls= 30000 - 12000 = ₹18000 Amount due on allotment = 4000 X 2 = ₹8000 Excess amount left after adjusted in allotment money = 18000-8000= ₹10000 Amount due on first call = 4000 X 4 = ₹16000 Amount received on first call in cash after excess money adjusted= 16000 - 10000 = ₹6000