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.

Amount received on allotment-

₹6,86,000

The correct answer is option 3- ₹6,86,000.

Allotted shares to Rohan = 600
Those who applied for 35,000 shares are allotted 30,000 shares.
Applied shares by Rohan = 35,000/30,000 x 600
                                     = 700

Excess money received on application  = 100 x 40
                                                        = 4,000

Money due on allotment = 600 x 30
                                   = ₹18,000
The excess money on application is adjusted towards allotment.

Balance due on allotment = 18,000 - 4,000
                                     = ₹14,000

This 14,000 is not received from Rohan on allotment

Total amount due on allotment = 30,000 shares x 30
                                             = 9,00,000

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.
Excess amount received on application = 5,000 x 40
                                                        = 2,00,000

This 2,00,000 is adjusted in allotment money. So, money received on allotment-
Due amount on allotment = 9,00,000
Excess adjusted from application = 2,00,000
Remaining amount = 9,00,000 - 2,00,000
                            = 7,00,000
Amount not received from Rohan = 14,000
Amount received on allotment = 7,00,000 - 14,000
                                            = 6,86,000