question_answer

Gagan Ltd. invited applications of 45,000 Equity Shares of Rs.10 each at a premium of Rs.4. Company received applications of 15,000 in excess. Amount payable as follows: on Application Rs.7 (including premium of Rs.2), on Allotment Rs.3 (including premium of Rs.1), Balance on first and final call. One shareholder Megha who applied for 600 shares failed to pay allotment and first and final call money. Amount of Securities Premium to be debited at the time of forfeiture of shares?

A) Debited by Rs.900

B) Debited by Rs.6500

C) Debited by Rs.450

D) Debited by Rs.750