Question

Vishant Ltd. invited applications for issuing 6,000 equity shares of ₹ 10 each at 10% premium. The issue was fully subscribed. The amount per share was payable as follows: 

On application - ₹ 3, on allotment - ₹ 3 (including premium), on first call - ₹ 3 and on final call - ₹ 2. Ashish the holder of 200 shares paid the entire money along with allotment. The total amount received on allotment was:

Options

• ₹ 18,000

• ₹ 19,000

• ₹ 25,000

• ₹ 21,000

Answer 1

₹ 19,000

Explanation:

• Amount due on allotment for 6,000 shares = ₹ 18,000 (6,000 × ₹ 3).
• Ashish paid ₹ 1,000 extra for 200 shares (₹ 3 first call + ₹ 2 final call).
• Total amount received = ₹ 18,000 + ₹ 1,000 = ₹ 19,000.