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. Allotment money received in advanced alongwith application is _______________

Solution & Step-by-step Explanation

Let's trace the surplus subscription funds retained for allotment adjustment:Total Applications Received: 40, 000 sharesApplications outright rejected/refunded: 40, 000 - 35, 000 = 5, 000 sharesPro-rata Category Group: 35, 000 applications scaled down to an allotment pool of 30, 000 shares.Surplus shares retained in pro-rata group: 35, 000 - 30, 000 = 5, 000 shares. Advance Cash transferred to Allotment = 5, 000 shares \times Rs. 40 per application Advance Cash transferred to Allotment = Rs. 2, 00, 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. Allotment money received in advanced alongwith application is _______________

Rs. 1,00,000

Rs. 2,00,000

Rs. 3,00,000

Rs. 4,00,000

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