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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]

A
₹2,100
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B
₹1,740
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C
₹2,940
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D
₹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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