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 application: |
₹19,80,000 ₹15,00,000 ₹12,00,000 ₹18,00,000 |
₹19,80,000 |
The correct answer is Option (1) - ₹19,80,000. Applications received = 6,60,000 Amount received = 660000 x 3
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