C Ltd. invited applications for the issue of 20 Lakh equity shares of ₹10 each payable ₹3 on application and ₹7 on allotment. Applications were received for 35 Lakh equity shares. Applications for 7 Lakh shares were reje
CS Executive · Corporate and Management Accounting · PYQS · December 2019
C Ltd. invited applications for the issue of 20 Lakh equity shares of ₹10 each payable ₹3 on application and ₹7 on allotment. Applications were received for 35 Lakh equity shares. Applications for 7 Lakh shares were rejected and pro-rata allotment was made to remaining applicants. Excess application money was adjusted on the sums due on allotment. Ravi could not pay allotment money on his 2500 allotted shares. The amount received on allotment will be:
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Company Accounts
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