Question

11. Meena Ltd issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable as
Rs 3 on application, Rs 5 on allotment (including premium) and balance on the first and
final call. Applications were received for 1.02,000 shares.
The directors resolved to allot as follows
(1)Applicants of 60,000 shares - 30,000 shares
(ii) Applicants of 40,000 shares 30,000 shares
(111)Applicants of 2,000 shares - Nil
Nikhil who had applied for 1,000 shares in category (1) and Vish, who was allotted 600
shares in category (ii) failed to pay the allotment money. Calculate the amount received
on allotment
locros in the ratio of 3. On 31st March 2008​

Answer 1

Explanation:

In order to calculate amount received from allotment, firstly we have to calculate amount of allotment money not paid by nikhil and vish...Here nikhil had applid for 1000 shares,therefore we have to caculate shares alloted to nikhil. I have explained it above...

Answer 2

Answer:

Issued Shares 60,000

Less: Applied Shares 92,000

Over-subscribed Shares 32,000

Explanation:

Payable as:

Rs 3 on Application

Rs 5 on Allotment (Including Rs 2 premium)

Rs 4 on First and Final Call

Rs 12 (10 + 2)

     

Applied Allotted Money Received on Application

@ Rs 3 Money adjusted on Appliction

@ Rs 3 Excess Allotment due

@ Rs 5 Excess money adjusted on Allotment

@ Rs 5

40,000 ¬30,000 1,20,000 90,000 30,000 1,50,000 30,000

50,000 30,000 1,50,000 90,000 60,000 1,50,000 60,000

2,000 NIL 6,000 – 6,000  

   (Bank)  

92,000 60,000 2,76,000 1,80,000  3,00,000 90,000

Mohan

Money Received on Application 800×3 = 2,400

Application money adjusted to Share Capital 600×3 = 1,800

Execs Money on Application = 600

 

Allotment due on 600 shares × Rs 5 = 3,000

Less: Adjustment of excess money on application = 600

Calls-in-Arrears by Mohan  2,400

Sohan

Money received on Application 1,000×3 = 3,000

Application money adjusted to Share Capital 600×3 = 1,800

Excess money on application = 1,200

 

Capital Allotment due on 600 Shares × Rs 5 = 3,000

Less: Adjustment of excess money on application = 1,200

Calls-in-Arrears by Sohan = 1,800

 

Allotment due on 60,000 shares × Rs 5 = 3,00,000

Less: Excess Application money adjusted on Allotment = 90,000

 2,10,000

Less: Calls-in-Arrears by Mohan = 2,400

Less: Calls-in-Arrears by Sohan = 1,800

Money received on allotment = 2,05,800

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