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    Question

    A company issued 1,00,000 shares of ₹10 each at a

    premium of ₹2 per share, payable ₹3 on application, ₹4 on allotment (incl. premium), balance on call. Applications received for 1,50,000 shares; pro-rata allotment made. If X applied for 3,000 shares, how many shares were allotted and what amount adjusted towards allotment?
    A 2,000 shares; ₹2,000 adjusted Correct Answer Incorrect Answer
    B 2,000 shares; ₹3,000 adjusted Correct Answer Incorrect Answer
    C 1,500 shares; ₹1,500 adjusted Correct Answer Incorrect Answer
    D 2,500 shares; ₹2,500 adjusted Correct Answer Incorrect Answer
    E None Correct Answer Incorrect Answer

    Solution

    Allotment ratio = 1,00,000:1,50,000 = 2:3. So 3,000 applied → 2,000 allotted. Application money = 3,000 × 3 = 9,000. Required = 2,000 × 3 = 6,000. Excess 3,000 adjusted towards allotment.

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