Mona Ltd. issued $10,000$ shares of $\text{Rs. }10$ each at $\text{Rs. }11$ per share (Premium $=\text{Rs. }1$).Application: $\text{Rs. }3$ Allotment: $\text{Rs. }4$ (including premium of $\text{Rs. }1$)First & Final Call: $\text{Rs. }4$ Applications were received for $12,000$ shares and pro-rata allotment was made. Mr. Sharma, who applied for $120$ shares, failed to pay allotment and call money. Calculate the total net amount received by the company on allotment.

1. Pro-rata Ratio $=\text{Applied}:\text{Allotted}=12,000:10,000=6:5$ 2. Mr. Sharma's Shares:Shares Applied $=120$ Shares Allotted $=120\times \frac{5}{6}=100$ sharesExcess Application Money from Mr. Sharma:Application money paid $=120\times \text{Rs. }3=\text{Rs. }360$ Application money required $=100\times \text{Rs. }3=\text{Rs. }300$ Excess application money adjusted on allotment $=360-300=\text{Rs. }60$ Allotment money due from Mr. Sharma:Total due $=100\times \text{Rs. }4=\text{Rs. }400$ Less: Excess adjusted $=\text{Rs. }60$ Allotment money unpaid (Arrears) $=400-60=\text{Rs. }340$ Total Allotment Money Calculation:Total due on $10,000\text{ shares}\times \text{Rs. }4=\text{Rs. }40,000$ Less: Total excess application money received from all applicants $=(12,000-10,000)\times 3=\text{Rs. }6,000$ Net allotment money due globally $=40,000-6,000=\text{Rs. }34,000$ Less: Mr. Sharma's unpaid allotment $=\text{Rs. }340$ Net amount received on allotment $=34,000-340=\text{Rs. }33,660$