Welcome to CommerceNinja’s solutions for TS Grewal’s Class 12 Issue Of Shares for the session 2024-25.
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Q25. Sugandha 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 money received was ₹ 2,76,000. It was resolved to allot as follows:
| Applicants of 40,000 shares | 30,000 shares, |
| Applicants of 50,000 shares | 30,000 shares, |
| 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 amount received on allotment.
SOLUTION:
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