| Gagan Ltd. invited applications for 1,00,000 Equity Shares @ 10 each at a premium of 40%. Payable as: Application Rs.4 along with full premium; Allotment Rs.4 and balance on First & Final call. | |||||||||
| Applications were received and shares were allotted as follows: | |||||||||
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| Excess money was to be adjusted on allotment. | |||||||||
| One shareholder Yash belongs to Category-2 to whom 1500 shares were allotted failed to pay allotment and final call. | |||||||||
| One shareholder Ankush from Category-3 applied for 1000 shares did not pay the call amount. | |||||||||
| Shares of both Yash and Ankush were forfeited after the call. Out of the forfeited shares 1500 were reissued (including 75% shares of Ankush) at a discount of 50% from the permissible amount. | |||||||||
| How much application money received? |
A) 10,00,000
B) 10,10,000
C) 10,20,000
D) 10,40,000
Correct Answer: D
Solution :
10,40,000
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