Question

Vishant Ltd. invited applications for issuing 6,000 equity shares of ₹10 each at a 10% premium. The issue was fully subscribed. The amount per share was payable as follows:

• On application: ₹3
• On allotment: ₹3 (including premium)
• On first call: ₹3
• On final call: ₹2

Ashish, the holder of 200 shares, paid the entire money along with allotment. The total amount received on allotment was:

• A. \rupee 18,000
• B. \rupee 19,000
• C. \rupee 25,000
• D. \rupee 21,000

Hint:

For calculating allotment totals, remember to include any advance payments made by shareholders.

Answer 1

The Correct Option is B

The total amount received on allotment includes the amount due and the advance paid by Ashish. The allotment money is: \[ \text{Allotment Money Due} = 6,000 \times \rupee 3 = \rupee 18,000 \] Ashish paid for 200 shares in advance: \[ \text{Advance Paid by Ashish} = 200 \times (\rupee 3 + \rupee 3 + \rupee 2) = \rupee 1,000 \] Total amount received on allotment: \[ \rupee 18,000 + \rupee 1,000 = \rupee 19,000 \]