Meena ltd.issued 60000 shares of Rs.10 each at a premium of Rs. 2 per share payable as Rs.3 on application, Rs. 59(including premium0 on allotment and the balance on first and final call.Applications were received for 1,02,000 shares.The Directors resolved to allot as follows:
A.Applicants of 60000 shares - 30000 shares
B.Applicants of 40000 shares - 30000 shares
C.Applicants of 2000 shares - Nil
Nikhil, who had applied for 1,000 shares in category A and Vish who was allotted 600 shares in category B failed to pay allotment money.
calculate the amount received on allotment.
Dear Student,
The solution to your query is provided below:
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Computation Table |
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Categories |
Shares Applied
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Shares Allotted
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Money received on Application @ Rs 3 each |
@ Rs 3 each |
Excess Application money |
Share Allotment due @ Rs 5 each (including premium of Rs 2 each) |
Amount received on Share Allotment after adjustment |
Money refunded |
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A |
60,000 |
30,000 |
1,80,000 |
90,000 |
90,000 |
1,50,000 |
60,000 |
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B |
40,000 |
30,000 |
1,20,000 |
90,000 |
30,000 |
1,50,000 |
1,20,000 |
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C |
2,000 |
Nil |
6,000 |
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6,000 |
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1,02,000 |
60,000 |
3,06,000 |
1,80,000 |
1,20,000 |
3,00,000 |
1,80,000 |
6,000 |
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