Read the passage given below and answer the question:
K Ltd. invited applications on 3000 Equity Shares of 100 each at a premium of ₹20. For application ₹50, on allotment ₹50 and on final call ₹20. Application also includes premium amount. Total application received 4,000 and allotted on prorata basis and excess amount adjusted towards allotment. One shareholder holding 600 shares did not paid allotment money but paid it with final call that was made after 2 months of allotment. Final call amount received in full.
Calculate the amount received at the time of allotment:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → ₹ 80,000
Money due on allotment = 3000 x 50
= 1,50,000
On 600 shares allotment money not paid by shareholder.
Applied shares by him = 4000/3000 x 600
= 800
Amount adjusted on excess shares on allotment = 200 x 50
= ₹10,000
Amount due on allotment = 600 x 50
= 30,000
Amount adjusted = 10,000
Amount not received from him = 30,000 - 10,000
= 20,000
Excess money adjusted on application towards allotment = 50,000
Money received on allotment = 1,50,000 -50,000 - 20,000
= 80,000