( Shares issued at Premium, Oversubscribed-Pro rata Allotment to some and no Allotment to the Rest). Jaya Ltd. issued 60,000 shares of Rs. 10 each at

Question

( Shares issued at Premium, Oversubscribed-Pro rata Allotment to some and no Allotment to the Rest). Jaya Ltd. issued 60,000 shares of Rs. 10 each at

( Shares issued at Premium, Oversubscribed-Pro rata Allotment to some and no Allotment to the Rest).
Jaya Ltd. issued 60,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as Rs. 3 on application, Rs. 5 (including premium) on allotment and the balance on first and final call. Application, were received for 82,000 shares. The Directors resolved to allot as follows:
`{:("(a)","Applicants of 30,000 shares"," 20,000 shares,"),("(b)","Applicants of 50,000 shares", " 40,000 shares,"),("(c)","Applicants of 2,000 shares"," Nil."),(,,):}`
Ramesh, who had applied for 900 shares in Category (a) and Suresh, who was allotted 600 shares in Category (b) failed to pay the allotment money. Calculate amount received on allotment.

Monjur Alahi

7 views

2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

`{:("Calculation of Amount Received on Allotment:",," Rs."),("Amount due on allotment (60,000"xx"Rs. 5)",,"3,00,000"),("Less: Excess application money adjusted towards allotment:",,),("Rs. 30,000 [Category (a)]+Rs. 30,000 [Category (b)]",," 60,000"),(,,bar(2,40,000)),("Less: Amount unpaid by Ramesh (WN 1)",," 2,100"),(,,bar(2,37,900)),("Less: Amount unpaid by suresh (WN 2)",," 2,550"),("Amount Received on Allotment",,barul(ul(2,35,350))):}`
Working Notes:
1. Category (a):
Shares applied =30,000,Shares allotted = 20,000
Excess application money received=10,000`xx`Rs. 3 = Rs. 30,000
Shares allotted to Ramesh = 20,000/30,000 `xx`900=600 shares
Therefore, shares applied =900, Shares allotted=600
Excess application money received adjusted towards allotment =300`xx`Rs. 3=Rs. 900
Amount due on allotment =600`xx`Rs. 5 = Rs. 3,000
Amount unpaid by Ramesh = Rs. 3,000-Rs. 900=Rs. 2,100.
2. Category (b):
Shares applied=50,000, Shares allotted=40,000
Excess application money received=10,000 `xx` Rs. 3 = Rs. 30,000
Suresh applied for shares = 50,000/40,000 `xx` 600=750 shares
Therefore, shares applied = 750, Shares allotted=600
Excess application money received adjusted towards allotment = 150`xx`Rs. 3=Rs. 450
Amount due on allotment = 600 `xx` Rs. 5=Rs. 3,000
Amount unpaid by Suresh = Rs. 3,000-Rs. 450=Rs. 2,550.