ABC Ltd. issued 1,00,000 equity shares of ₹100 each, payable as under : On application ₹30; On allotment ₹30, On final call ₹40. 1,45,000 applications were received as under : Applicants applied for 25,000 shares, allott
CS Executive · Corporate and Management Accounting · PYQS · December 2021
ABC Ltd. issued 1,00,000 equity shares of ₹100 each, payable as under : On application ₹30; On allotment ₹30, On final call ₹40. 1,45,000 applications were received as under : Applicants applied for 25,000 shares, allotted full. Applicants applied for 1,00,000 shares, allotted 75,000 shares on pro-rata basis. Remaining applications were rejected. In this scenario, the amount of excess application money available for adjustment against allotment money is:
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Corporate Accounting
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