Question

X Ltd. invited applications for issuing 10,00,000 equity shares of ₹ 10 each at a premium of ₹ 9 per share. The amount was payable as follows:

• On Application - ₹ 6 per share (including premium ₹ 3)
• On Allotment - ₹ 8 per share (including premium ₹ 4)
• On first and final call - Balance

Applications for 15,00,000 shares were received. Shares were allotted on pro-rata basis to all applicants. Excess application money received with applications was adjusted towards sums due on allotment. Dharam to whom 600 shares were allotted failed to pay the allotment money. Allotment amount that was not paid by Dharam was:

Options

• ₹ 4,800

• ₹ 600

• ₹ 3,000

• ₹ 2,400

Answer 1

₹ 3,000

Explanation:

Shares bought by Dharam = `600xx(15,00,000)/(10,00,000)` = 900

Amount paid = 900 × 6 = ₹ 5,400

Amount for allotted share = 600 × 6 = ₹ 3,600

Amount adjusted = 1,800

Amount to be received on allotment (600 × 8) = 4,800

4,800 - 1,800 = ₹ 3,000