A Company issued 50,000 shares of Rs20 each at 5% premium. Rs10 were payable on application and balance on allotment. What will be the allotment amount?
Answer & explanation
Correct answer: option 3
Balance Payable per share=Rs 11(including Rs 1 as premium)
Therefore, total amount due on allotment=50,000*11=₹5,50,000
Therefore, total amount due on allotment=50,000*11=₹5,50,000