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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: (i) Applicants of 40,000 shares 30,000 shares, (ii) Applicants of 50,000 shares 30,000 shares, (iii) Applicants of 2,000 shares Nil. 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. |
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Answer» 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. |
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