Ownclasses

Joy Ltd. issued 1,00,000 equity shares of Rs 10 each. The amount was payable as follows:
On application Rs 3 per share.
On allotment Rs 4 per share.
On 1st and final call balance.
Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due including the amount due on first and final call on the 750 shares allotted to him along with allotment. The amount received on allotment was
(a) Rs 3,80,000
(b) Rs 3,78,000
(c) Rs 3,80,250
(d) Rs 4,00,250

Answer

Amount received on allotment is option (c) Rs 3,80,250.

Particulars Amount (Rs.)

Amount due on allotment (95000 * 4)
Less: Allotment not received on 500 shares
Add: First and Final call money received on 750 shares
3,80,0000
2,000
2,250
Net Amount Received on Allotment 3,80,250