Read the following passage and answer the following question.
ACD Ltd. was registered with a nominal capital of 30,000 shares of ₹10 each, Out of which 20,000 shares were offered to the public. The amount payable is ₹3 per share on the application, ₹4 per share on the allotment, and ₹3 per share on the first and final call. 19,000 shares are subscribed by the public which is allotted to them. All shareholders pay the full amount except a shareholder Ram who hold 1,000 shares not pay the final call.
How much amount the company received on allotment by its shareholders?
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹76,000.
No of shares = 19,000
Allotment per share = ₹4
Amount on allotment = 19,000 shares X 4
= ₹76,000