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Question
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Ruby limited invited applications for 1,00,000 shares of ₹10 each at a premium of 30% payable as follows:
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?
Options
12,000
6,000
3,000
2,000
MCQ
Case Study
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Solution
3,000
Explanation:
Oversubscribed 2 × ⇒ pro-rata ratio 1 : 2
Santosh applied for 6,000
allotted = 6,000 × `(1/2)` = 3,000
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