A company issued 50,000 shares of 10 each at a premium of 2, payable as 3 on application, 4 (including premium)
on allotment, and balance on call. 75,000 applications were received. Pro-rata allotment was made to all applicants.
Manjit, who applied for 1,200 shares failed to pay allotment money. The amount transferred to Calls in Arrears A/c on
allotment will be:
a 1,200
b 13,200
c 2,000
d 800
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Answer:
answer : c 2000
Explanation:
75000 Applications ----Allotment 50000
Manjit Applied for 1200 shares - Allotment - 1200X50000/75000=800 Shares
Total Money received on application - 1200 shares X Rs 3 per share= Rs 3600
Money receivable till Allotment= 800 Shares X (Rs. 3 +Rs 4)= Rs 5600
Money Receivable - Money Received =Rs 5600-Rs 3600= Rs 2000
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