A company offered 30,000 shares of ₹10 each, payable as ₹3 on application, ₹2 on allotment, and the balance on the first and final call. Applications were received for 50,000 and allotment was made on a pro rata basis. The excess application money was to be adjusted on allotment. How much will be transferred from a share application account to a share allotment account?

[0.88 marks]

₹60,000

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₹90,000

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₹1,50,000

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Solution

The correct option is A ₹60,000

Particulars Amount (₹)

Money received on application (50,000 × ₹3)
(-) Money due on application (30,000 × ₹3)
1,50,000
(90,000)

Excess money adjusted on allotment 60,000

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The allotment was made as under.
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Q. Tee Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on a pro-rata basis. The amount payable on application was ₹ 3 and balance on allotment. F applied for 420 shares. The amount received on allotment from F will be:

[0.88 marks]

A company issued 4,000 equity shares of Rs. 10 each at par payable as under:

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Particulars	Amount (₹)
Money received on application (50,000 × ₹3) (-) Money due on application (30,000 × ₹3)	1,50,000 (90,000)
Excess money adjusted on allotment	60,000

The correct option is A ₹60,000 Particulars Amount (₹) Money received on application (50,000 × ₹3) (-) Money due on application (30,000 × ₹3) 1,50,000 (90,000) Excess money adjusted on allotment 60,000

The correct option is A ₹60,000

Particulars Amount (₹)

Money received on application (50,000 × ₹3)
(-) Money due on application (30,000 × ₹3)
1,50,000
(90,000)

Excess money adjusted on allotment 60,000