Answer the next 5 Questions from this passage-
High Light India Ltd. invited applications for 30,000 Shares of ₹100 each at a premium of ₹20 per share payable as follows:
On Application ₹40 (including ₹10 premium)
On Allotment ₹30 (including ₹10 premium)
On First Call ₹30
On Second and Final Call ₹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.
Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.
Aman who applied for 1,050 shares failed to pay first call and his shares were forfeited immediately after first Call.
Second and final call was made. All the money due on second call have been received.
Of the shares forfeited, 1,000 shares were reissued as fully paid-up for ₹ 80 per share, which included the whole of Aman's shares.
Money received on First Call is.......
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Rs. 8,55,000
The first call is made only on the shares still held after Rohan’s forfeiture, and the money actually received is the amount due less what Aman failed to pay.
First call due:
Shares allotted = 30,000
Less: Rohan’s shares forfeited after allotment = 600
Shares on which first call is made = 29,400
First call due = 29,400 × Rs. 30 = Rs. 8,82,000
Aman’s unpaid first call:
Aman applied for 1,050 shares in the pro-rata group (35,000 applied, 30,000 allotted)
Shares allotted to Aman = 1,050 × 30,000/35,000 = 900
First call not received = 900 × Rs. 30 = Rs. 27,000
Money received on first call = Rs. 8,82,000 − Rs. 27,000 = Rs. 8,55,000 (on 28,500 shares).
Rs. 8,82,000 is the amount due, not the amount received.
NCERT (2026-27 edition):
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