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The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each What is the amount to be received on the Allotment of shares? -

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Question

Based on the below information you are required to answer the following question:

The directors of Bhagat and Company Ltd. issued 50,000 equity shares of ₹ 10 each at ₹ 12 per share, payable as ₹ 5 on application including the premium, ₹ 4 on allotment and the balance on final call. Applications were received for 70,000 shares out of which applications for 8,000 shares were rejected and their money was refunded. Money overpaid on application was applied towards sums due on allotment. All the money were duly received except from one shareholder holding 500 shares who failed to pay the final call money.

What is the amount to be received on the Allotment of shares?

Options

  • ₹ 2,00,000

  • ₹ 1,40,000

  • ₹ 1,50,000

  • ₹ 1,00,000

MCQ

Solution

₹ 1,40,000

Explanation:

As ₹ 60,000 out of ₹ 2,00,000 is already received so only ₹ 1,40,000 is to be received.

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Share Capital - Issue and Allotment of Equity Shares
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