question_answer

Vansh Ltd issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable  as Rs. 3 on application, Rs. 5 (including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares and allotment was done as under:

(i) Applicants of 50,000 shares	30,000 shares
(ii) Applicants of 40,000 Shares	20,000 shares
(iii) Applicants of 2,000	Nil

Achint, who applied for 1,000 shares in category A and Sameer who was allotted 500 shares in category B failed to pay allotment money Calculate the amount received on allotment.

Answer:

Amount received on allotment = Rs. 1,27,200