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Standard XII

Accountancy

Forfeiture of Shares-Issued at Par

Tee Ltd. had ...

Question

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]

₹2,100

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₹1,740

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₹2,940

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₹2,580

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Solution

The correct option is B ₹1,740

Particulars (₹)

Paid on application (420 × ₹3)

(-) Due on application (300 × ₹3)

Excess carried forward 1,260

(900)

360

Allotment money due (300 × ₹7)
(-) Adjusted from application money

Amount received on allotment 2,100

(360)

1,740

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Similar questions

Q. E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application was Rs. 2. F applied for 420 shares, The number of shares allotted and the amount carried forward for adjustment against allotment money due from F will be:

E ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application was Rs. 2 and balance on allotment. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F will be :

Q. Z and Co. issue 10,000 shares of ₹20 each, payable as ₹10 each on application and allotment. Applications were received for 12,000 shares, and allotment was made on a pro rata basis. Calculate the amount to be received at the time of allotment.

[0.88 marks]

Q. E Ltd., has allotted

10, 000

shares to the applicants of

14, 000

shares on pro-rata basis. The amount payable on application is Rs.

2

. F applied for

420

shares. The number carried forward for adjustment against allotment due from F.

Q. E Ltd. Has allotted

10, 000

shares to the applicants of

14, 000

shares on pro-rata basis. The amount payable on application is Rs.

2

. F applied for

420

shares. The number carried forward for adjustment against allotment due from F.

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Particulars	(₹)
Paid on application (420 × ₹3) (-) Due on application (300 × ₹3) Excess carried forward	1,260 (900) 360
Allotment money due (300 × ₹7) (-) Adjusted from application money Amount received on allotment	2,100 (360) 1,740

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]

The correct option is B ₹1,740 Particulars (₹) Paid on application (420 × ₹3) (-) Due on application (300 × ₹3) Excess carried forward 1,260 (900) 360 Allotment money due (300 × ₹7) (-) Adjusted from application money Amount received on allotment 2,100 (360) 1,740

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]

The correct option is B ₹1,740

Particulars (₹)

Paid on application (420 × ₹3)

(-) Due on application (300 × ₹3)

Excess carried forward 1,260

(900)

360

Allotment money due (300 × ₹7)
(-) Adjusted from application money

Amount received on allotment 2,100

(360)

1,740