Sugandh Ltd., issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application
Sugandh Ltd., issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5 (including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The directors resolved to allot shares as follows:
| Category (i) Applicants of 40,000 shares | 30,000 shares; |
| Category (ii) Applicants of 50,000 shares | 30,000 shares; |
| Category (iii) Applicants of 2,000 shares | Nil |
Mohan who had applied for 800 shares in Category (i) and Sohan who was allotted 600 shares in Category (ii) failed to pay the allotment money. Calculate the amount received on allotment.
Anurag Pathak Changed status to publish March 10, 2024
