PQR Ltd. issued 40,000 Equity shares of Rs. 10 each at par payable Rs. 3 on application, Rs. 4 on allotment and balance on first and final call. Applications were received for 1,10,000 shares. Applications for 20,000 shares were refused and allotment was made prorata to remaining applicants. Amount received on allotment is :
PQR Ltd. issued 40,000 Equity shares of Rs. 10 each at par payable Rs. 3 on application, Rs. 4 on allotment and balance on first and final call. Applications were received for 1,10,000 shares. Applications for 20,000 shares were refused and allotment was made prorata to remaining applicants. Amount received on allotment is :
Solution
✅ Correct Option: 3
Applications for 20,000 rejected and refunded. Remaining 90,000 applicants allotted 40,000 shares prorata, so excess = 50,000 shares. Excess money = 50,000 * 3 = 1,50,000 adjusted to allotment. Allotment due = 40,000 * 4 = 1,60,000. Cash received on allotment = 1,60,000 - 1,50,000 = 10,000.
Related questions:
2026: 23 May Shift 2
2025: 31 May Shift 1
2023: 20 June Shift 2