Practicing Success
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: |
₹ 40,000 ₹ 1,00,000 ₹ 80,000 ₹ 70,000 |
₹ 80,000 |
The correct answer is Option (3) → ₹ 80,000 Money due on allotment = 3000 x 50 On 600 shares allotment money not paid by shareholder. Amount due on allotment = 600 x 50 Amount adjusted = 10,000 Excess money adjusted on application towards allotment = 50000 Money received on allotment = 150000 -50000 - 20000 |