Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5(including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The Directors resolved to allot as:
Mohan, who had applied for 800 shares in Category
(i) and Sohan, who was allotted 600 shares in Category
(ii) failed to pay the allotment money. Calculate amount received on allotment.
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Issued share 60,000
less: Applied shares 92000
Over subscribed shares: 32,000
Payable as:
On Application 3
On Allotment 5
On first call and final call 5
Total(10+2) 12
Money received on application (800 * 3) = 2400
less: Application money adjusted to share capital 1800
Excess money on application 600
Allotment due on 600 shares (600*5) =3000
less: adjustment of excess money on application 600
Call in arrears by mohan 2,400
No. of shares applied by mohan = 
= 1000 shares
Money received on application (1,000*3) 3000
less : Application money adjusted to share capital (600*3) = 1800
Excess money on application = 1200
Allotment due on 600 shares(600*5)= 3000
Less: Excess application money adjusted on allotment 1200
Call in arrears by sohan = 1800
Allotment due on 60000 shares (60,000*5) = 3,00,000
Less: Excess application money adjusted on allotment 90,000
2,10,000
Less: call in arrears by mohan = 2400
less: call in arrears by sohan = 1800
Money received in allotment = 2,05, 800
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