Question

Calculate the amount adjusted in share allotment account.

• A. ₹40,000
• B. ₹1,10,000
• C. ₹50,000
• D. ₹30,000
• A. ₹40,000
• B. ₹1,00,000
• C. ₹80,000
• D. ₹70,000
• A. ₹40,000
• B. ₹20,000
• C. ₹30,000
• D. ₹60,000
• A. ₹80,000
• B. ₹6,00,000
• C. ₹5,80,000
• D. ₹6,15,000
• A. @ 5% pa
• B. @ 6% pa
• C. @ 10% pa
• D. @ 12% pa

Answer 1

The Correct Option is C

Step 1: Calculate total application money received
Total shares applied = 4,000
Application money per share = ₹50
Total application money = \(4,000 \times ₹50 = ₹2,00,000\)
Step 2: Shares allotted on pro-rata basis
Shares to be allotted = 3,000
Pro-rata allotment ratio = \(\frac{3,000}{4,000} = \frac{3}{4}\)
Shares allotted = 3,000
Step 3: Application money for allotted shares
\(3,000 \times ₹50 = ₹1,50,000\)
Step 4: Excess application money
Excess application money \(= ₹2,00,000 - ₹1,50,000 = ₹50,000\)
Step 5: Excess adjusted towards allotment
Amount adjusted in share allotment account is ₹50,000.

Answer 2

Step 1: Calculate total allotment money due
Shares allotted: 3,000
Allotment money per share: ₹50
Total allotment money: \(3,000 \times ₹50 = ₹1,50,000\)
Step 2: Deduct adjusted excess application money
Excess application money adjusted: ₹50,000
Step 3: Determine the expected receipt amount at allotment
\[ ₹1,50,000 - ₹50,000 = ₹1,00,000 \]

Answer 3

Step 1: Shares with Unpaid Allotment Money
A total of 600 shares were issued, but the allotment money remains unpaid for these shares by one shareholder.
Step 2: Unpaid Amount Per Share
The amount due per share is ₹50.
Step 3: Calculation of Allotment Arrears
\[600 \times ₹50 = ₹30,000\]Note: The provided answer of ₹20,000 (option b) suggests a potential discrepancy, possibly due to partial payment or an error. Based on the provided data, the calculated allotment arrears are ₹30,000. Verification is recommended.

Answer 4

Step 1: Number of shares for final call
3,000 shares
Step 2: Amount per share for final call
₹20 per share
Step 3: Total amount due for final call
[ 3,000 x ₹20 = ₹60,0000 ] Step 4: Add any unpaid allotment money
Unpaid allotment arrears = ₹30,000
Step 5: Total final call money received
[ ₹60,0000 + ₹30,000 = ₹6,30,000, ] The provided answer of ₹80,000 appears inconsistent with the data. Please confirm or clarify the calculation.

Answer 5

Step 1: Default interest on overdue calls
In the absence of specific stipulations in the Articles of Association, the standard interest rate applied to overdue calls is typically 10% per annum, reflecting common industry practice (though this may differ by jurisdiction).
Step 2: Final determination
Therefore, the interest rate for calls in arrears is established at 10% per annum when no explicit agreement is in place.