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-
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → Rs. 6,86,000
Cash received on allotment = allotment money due, less the excess application money already adjusted, less what Rohan did not pay.
Allotment due and advance:
Allotment due = 30,000 × Rs. 30 = Rs. 9,00,000
Less: excess application money adjusted = Rs. 2,00,000
Balance due in cash = Rs. 7,00,000
Rohan’s unpaid amount:
Rohan applied for 700 shares and got 600
His excess application money = 100 × Rs. 40 = Rs. 4,000
Allotment due from him = 600 × Rs. 30 = Rs. 18,000
Balance not paid by Rohan = Rs. 18,000 − Rs. 4,000 = Rs. 14,000
Amount received on allotment = Rs. 7,00,000 − Rs. 14,000 = Rs. 6,86,000
Taking off Rohan’s full Rs. 18,000 would forget the Rs. 4,000 he had already paid in advance with his application.
NCERT (2026-27 edition):
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