Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5(including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The Directors resolved to allot as: Mohan, who had applied for 800 shares in Category (i) and Sohan, who was allotted 600 shares in Category (ii) failed to pay the allotment money. Calculate amount received on allotment.

Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2

1.	Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5(including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The Directors resolved to allot as: Mohan, who had applied for 800 shares in Category (i) and Sohan, who was allotted 600 shares in Category (ii) failed to pay the allotment money. Calculate amount received on allotment.
Answer» SHARE 60,000 less: Applied shares 92000Over subscribed shares: 32,000Payable as:On Application 3On Allotment 5On first call and final call 5Total(10+2) 12Money received on application (800 * 3) = 2400less: Application MONEY adjusted to share capital 1800Excess money on application 600Allotment due on 600 shares (6005) =3000less: ADJUSTMENT of excess money on application 600Call in arrears by mohan 2,400No. of shares applied by mohan = = 1000 sharesMoney received on application (1,0003) 3000less : Application money adjusted to share capital (6003) = 1800Excess money on application = 1200Allotment due on 600 shares(6005)= 3000Less: Excess application money adjusted on allotment 1200Call in arrears by sohan = 1800Allotment due on 60000 shares (60,000*5) = 3,00,000Less: Excess application money adjusted on allotment 90,0002,10,000Less: call in arrears by mohan = 2400less: call in arrears by sohan = 1800Money received in allotment = 2,05, 800

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