A limited company issued a prospectus inviting application for 2,000 shares of Rs.10 each at premium of Rs. 2 per share payable ass follows:
On application - Rs. 2
On allotment - Rs. 5 (including premium)
On 1st call - Rs. 3
On llnd final call - Rs. 2
Application were received for 3,000 shares and allotment was mad on pro-rata basis to applicant of 2,400 shares. Money received in excess on application was adjusted towards allotment.
Ramesh whom 40 shares were allotted, failed to pay allotment money & first call his shares were forfeited. Find the number of shares Ramesh has applied for?

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Solution

The correct option is B 48
2000 shares allotted to the applicants of 2400 shares.
If share allotted 2000 shares applied were:- 2400
If shares allotted 40 shares applied were:- 2400/2000* 40
= 48 shares

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