Mona Ltd. has Rs. 5 crores capital divided into equity shares of Rs. 10 each. It decided to setup a new plant in Bihar. For this purpose the company issued 10,000 shares of Rs. 10 each at Rs. 11 per share. The money was payable as follows
Rs. 3 on application
Rs. 4 on allotment - (including premium)
Rs. 4 on first and final call
Applications were received for 12000 shares & the directors made pro-rata allotment Mr. Sharma an applicant for 120 shares could not pay the allotment and call money and Mr. Verma, a holder of 200 shares, failed to pay the call money. All these shares were forfeited out of the forfeited shares, 150 shares (the whole of Mr. Sharma's shares being included) were issued at Rs. 8 per share. Answer the following questions:-
The amount received on allotment was
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Rs. 33,660
Applications for 12,000 shares were received for 10,000 shares, so allotment is pro rata in the ratio 12 : 10. The extra application money on 2,000 shares is kept and adjusted against the allotment money. Mr. Sharma applied for 120 shares and was allotted 100; he paid nothing on allotment.
Allotment money due = 10,000 × Rs. 4 = Rs. 40,000
Less: Excess application money adjusted = 2,000 × Rs. 3 = Rs. 6,000
Net amount due on allotment = Rs. 34,000
Less: Unpaid by Mr. Sharma = Rs. 34,000 × 100/10,000 = Rs. 340
Amount received on allotment = Rs. 33,660
NCERT (2026-27 edition):
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