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CUET Accountancy 2025 PYQs14 May Shift 1. Free, no login required.

Company Accounts

past year questions, CUET Accountancy 2025 14 May Shift 1

Share Capital

past year questions, Company Accounts, CUET Accountancy 2025 14 May Shift 1

Medium

High Light India Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 20 per share payable as follows:

On Application Rs. 40 (including Rs.10 premium)

On Allotment Rs. 30 (including Rs.10 premium)

On First Call Rs. 30

On Second and Final Call Rs. 20

Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 share. Excess application money was utilised towards allotment.

Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.

Aman who applied for 1,050 shares failed to pay first call and his share were forfeited immediately after first Call.

Second and final call was made. All the money due on second call have been received.

Of the shares forfeited, 1,000 share were reissued as fully paid-up for Rs. 80 per share, which included the whole of Aman's shares.

Allotment money received in advanced alongwith application is _______________

Solution

✅ Correct Option: 2

Understanding Pro-rata Allotment:

Applications considered for allotment = 35,000 shares

Shares actually allotted = 30,000 shares

Pro-rata ratio = 30,000 : 35,000 = 6 : 7

This means for every 7 shares applied, 6 shares were allotted.

Calculation of Excess Application Money:

Application money received from 35,000 applications:

= 35,000 × Rs. 40 = Rs. 14,00,000

Application money required for 30,000 shares allotted:

= 30,000 × Rs. 40 = Rs. 12,00,000

Excess application money received:

= Rs. 14,00,000 - Rs. 12,00,000 = Rs. 2,00,000

Since excess application money is adjusted towards allotment (as stated in the question), this Rs. 2,00,000 represents the allotment money received in advance alongwith application.

Answer: Rs. 2,00,000 (Option 2)

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