Antra Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 30 per share payable as follows: On Application Rs. 40 (including Rs. 10 premium), On Allotment Rs. 30 (including Rs. 10 premium), On First Call Rs. 30, On Second and Final Call Rs. 30 (including Rs. 10 premium). Applications were received for 35,000 shares and a pro rata allotment was made. Excess application money was utilized towards the sum due on allotment. Vijaya to whom 60 shares were allotted, failed to pay the allotment money and his shares were forfeited immediately after allotment.
Allotment money not received on Vijaya's shares will be:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs. 1,400
Under a pro rata allotment, the money paid on application for shares that were not allotted is kept and used towards the allotment money. So the allotment money not received is the allotment due less the excess already paid on application.
Applications 35,000, shares allotted 30,000, so 6 shares are allotted for every 7 applied for
Vijaya was allotted 60 shares, so she applied for 60 × 7/6 = 70 shares
Application money paid = 70 × Rs. 40 = Rs. 2,800
Application money needed on 60 shares = 60 × Rs. 40 = Rs. 2,400
Excess paid on application = Rs. 400
Allotment due on 60 shares = 60 × Rs. 30 = Rs. 1,800
Allotment money not received = Rs. 1,800 − Rs. 400 = Rs. 1,400
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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