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Antra Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 30 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. 30 (including Rs.10 premium). Applications were received for 35,000 shares and a pro rata allotment was made. Excess application money was utilized towards the sum due on allotment. Vijaya to whom 60 shares were allotted, failed to pay the allotment money and his shares were forfeited immediately after allotment.

Allotment money not received on Vijaya's shares will be:

Solution

✅ Correct Option: 1

Pro rata ratio is 35,000:30,00035{,}000 : 30{,}000, so Vijaya applied for 60×35/30=7060 \times 35/30 = 70 shares and paid 70×40=2,80070 \times 40 = 2{,}800. Application money due on 60 shares is 2,400, leaving 400 excess. Allotment due =60×30=1,800= 60 \times 30 = 1{,}800; after adjusting 400, the unpaid amount is 1,400.

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