Question

Ruby limited invited applications for 1,00,000 shares of ₹10 each at a premium of 30% payable as follows: On Application ₹4 On Allotment ₹5 On First Call ₹2 On Second and Final Call ₹2 The public subscribed for two times the shares that were offered by the company. The directors decided to allot the shares to all the applicants on a pro-rata basis. Santosh who had applied for 6,000 shares, did not pay anything after the Application. Her shares were forfeited after the final call. 50% of the forfeited shares were reissued to Ashok as fully paid in such a manner that ₹1,500 were transferred to Capital Reserve A/c.

How many shares were allotted to Santosh?

विकल्प

• 12,000

• 6,000

• 3,000

• 2,000

Answer 1

3,000

Explanation:

Oversubscribed 2 × ⇒ pro-rata ratio 1 : 2

Santosh applied for 6,000

allotted = 6,000 × `(1/2)` = 3,000