High Light India Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 20 per share payable as follows:On Application Rs. 40 - Accountancy MCQ CUET Accountancy 2025 14 May Shift 1 2026 | ExamTest.live

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High Light India Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 20 per share payable as follows:On Application Rs. 40 (including Rs.10 premium)On Allotment Rs. 30 (including Rs.10 premium)On First Call Rs. 30On Second and Final Call Rs. 20 Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 share. Excess application money was utilised towards allotment.Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.Aman who applied for 1,050 shares failed to pay first call and his share were forfeited immediately after first Call.Second and final call was made. All the money due on second call have been received.Of the shares forfeited, 1,000 share were reissued as fully paid-up for Rs. 80 per share, which included the whole of Aman's shares. Money received on First Call is

Solution & Step-by-step Explanation

1. Determine Active Base Shares for First Call:Initial issue size = 30, 000 sharesRohan's shares were forfeited immediately after allotment (before the first call).Active shares on which the First Call was made = 30, 000 - 600 = 29, 400 shares.2. Calculate Total First Call Amount Demanded: Total Due = 29, 400 shares \times Rs. 30 = Rs. 8, 82, 000 3. Compute Aman's Share Allotment and Default:Pro-rata group relationship = 35, 000 (applied) : 30, 000 (allotted) = 7 : 6 Aman applied for 1, 050 shares.Shares Allotted to Aman = 1, 050 \times \frac{6}{7} = 900 shares.Aman's First Call Arrears Default = 900 shares \times Rs. 30 = Rs. 27, 000 .4. Compute Net First Call Cash Received: Cash Received = Total Due - Aman’s Default Cash Received = 8, 82, 000 - 27, 000 = Rs. 8, 55, 000

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High Light India Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 20 per share payable as follows:On Application Rs. 40 (including Rs.10 premium)On Allotment Rs. 30 (including Rs.10 premium)On First Call Rs. 30On Second and Final Call Rs. 20 Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 share. Excess application money was utilised towards allotment.Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.Aman who applied for 1,050 shares failed to pay first call and his share were forfeited immediately after first Call.Second and final call was made. All the money due on second call have been received.Of the shares forfeited, 1,000 share were reissued as fully paid-up for Rs. 80 per share, which included the whole of Aman's shares. Money received on First Call is

Rs. 9,00,000

Rs. 8,82,000

Rs. 8,75,000

Rs. 8,55,000

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