Question

A Company issued 30,000 shares of Rs 10 each, payable as Rs 3 on application, Rs 3on allotment and Rs 4 on call. Applications were received for 50,000 shares. Allotment was made on pro-rata basis. Excess application money was refunded. Mr. X, a holder of 100 shares failed to pay the call money. His shares were forfeited. The above transactions are related to : (a) Over subscription (b) Pro – rata allotment (c) Forfeiture (d) All of the Above

Answer 1

it's related to pro-rata allotment