JK Ltd. issued 30.000 shares of 10 each at a premium of 2 per share payable as 3 on application. 5 pryla) failed to pay allotment money. (All India Modified) for 41.000 shares. The Directors resolved to allot as: (1) Applicants of 15.000 shares 10,000 shares (ii) Applicants of 25.000 shares 20,000 shares (iii) Applicants of 1.000 shares Nil Ramesh who had applied for 450 shares in category (a) and Suresh who was allotted 300 shares in category (b) failed to pay the allotment money. Calculate the amount received on allotment. . Allotment Received * 1,17,675) Almond I
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Application received = 14000
No. Of shares allotted = 10,000
No. of shares allotted to F = 420 X 10/14 = 300 shares
Application money received from F
F sent application money for 420 shares X 2 = Rs. 840
Application money adjusted against 300 shares
Application (300 X 2) 600
Excess Money 240
Rs 240 is to be adjusted against allotment
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