Taxman Ltd had allotted 40,000 equity shares to the applicant of 48,000 shares on pro rata basis. The amount payable on application is Rs. 4. Manorama applied for 450 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from her are:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → 375 shares, Rs. 300
Under pro rata allotment, each applicant gets shares in the ratio of shares allotted to shares applied for, and the application money paid on the shares not allotted is carried forward towards allotment.
Pro rata ratio = 40,000 : 48,000 = 5 : 6
Shares allotted to Manorama = 450 × 5/6 = 375 shares
Application money paid = 450 × Rs. 4 = Rs. 1,800
Application money needed on 375 shares = 375 × Rs. 4 = Rs. 1,500
Excess carried forward to allotment = Rs. 1,800 − Rs. 1,500 = Rs. 300
Rs. 1,500 is the application money kept on the shares she received, and Rs. 1,800 is all she paid; only the excess moves on to allotment.
Note: NTA picked this question from an NCERT (2026-27) illustration and changed the figures. Do not ignore NCERT while practising numericals.
NCERT (2026-27 edition):
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