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.......

₹8,55,000

The correct answer is option 4- ₹8,55,000

Shares issued = 30,000
Rohan shares forfeited after allotment = 600

Remaining shares = 30,000 - 600
                           = 29,400

On 29,400 shares first call is made.

Amount due on first call = 29,400 x 30
                                    = 8,82,000

Aman who applied for 1,050 shares failed to pay first call and his share were forfeited immediately after first Call.
Shares applied by Aman = 1050
Those who applied for 35,000 shares are allotted 30,000 shares.
Allotted shares to Aman = 30,000/35,000 x 1050
                                   = 900 shares

Amount not received from Aman = 900 x 30
                                                = 27,000

Amount received on first call = 8,82,000 - 27,000
                                          = 8,55,000