Read the following passage and answer the question.
A company issued 4,000 equity shares of ₹10 each at par payable as under :
On application ₹3; on allotment ₹2; on first call 4 and on final call ₹1 per share.
Applications were received for 13,000 shares. Applications for 3,000 shares were rejected and pro-rata was made on the remaining shares.
How much amount was adjusted towards allotment and calls?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- ₹18,000.
Amount received on application = 10,000 X 3
= ₹30,000
Amount should be on the application = 4,000 X 3
= ₹12,000
The excess amount received that will be adjusted towards allotment and calls = 30,000 - 12,000
= ₹18,000