A new company of Electronics Product was established in Delhi under Make in India campaign. To arrange the finance, Vinod Ltd. invited applications for 60,000 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 & Final Call Rs.20 |
Excess applications were received for 30,000 shares and pro-rata allotment was made on the application for 70,000 shares and a letter of regret was sent to other with refund. Excess application money is to be utilised towards allotment. |
Rohan to whom 1,200 Shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. |
Aman who applied for 2,100 shares failed to pay first call and his share were forfeited after first Call. |
Second and final call was made. All the money due on second call have been received. |
Of the shares forfeited, 2,000 shares were reissued as fully paid-up for Rs.80 per share, which included the whole of Aman's shares. |
How many applications have been received? |
A) 1,00,000
B) 90,000
C) 80,000
D) 70,000
Correct Answer: B
Solution :
90,000You need to login to perform this action.
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