R.Ltd invited applications for 15,000 shares of ₹10 each at premium of ₹2 per share. The amount was payable as follows:
On Application ₹4
On allotment ₹5
On 1st call ₹2
On final call ₹1
Applications were received for 20,000 shares. The application of 2,000 shares was rejected. Mohan, who applied for 3,000 shares was allotted in full and prorata allotment was made to the remaining applicants. All money was fully received with the exception of the first call and final call on 3,000 shares held by Hari. These shares were forfeited and subsequently re-issued @ ₹8 per share.

On the basis of the above information answer the question.

Calculate the total amount received on share allotment.

₹63,000

The correct answer is option 2- ₹63,000.

Shares issued = 15,000
Application received = 20,000
2,000 shares application are rejected means on 18,000 applications pro-rata is made.
Means application money received on 18,000 shares = 18,000 x 4
                                                                                    = ₹72,000
Application money on 15,000 shares = 15,000 x 4
                                                          = 60,000
Excess money adjusted towards allotment = 72,000 - 60,000
                                                                    = ₹12,000
Allotment money due = 15,000 shares x 5
                                  = ₹75,000

Allotment money received after adjusted excess money of application = 75,000 - 12,000
                                                                                                              = ₹63,000