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Use the following information for questions 10 to 23
D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :
On application Rs.20
On allotment Rs.50 (including premium)
On first call Rs.30
On second and final call Rs.20
Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.
 
Q.Amount received on application = ___________.
  • a)
    Rs 40,00,000
  • b)
    Rs 60,00,000
  • c)
    Rs 48,00,000
  • d)
    Rs 2,40,00,000
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Use the following information for questions 10 to 23D Ltd. issued 2,00...
Amount received on application = Rs 60,00,000
To calculate the amount received on application, we need to consider the following information:
1. Number of shares issued: 2,00,000
2. Face value of each share: Rs.100
3. Premium per share: Rs.20
The formula to calculate the amount received on application is:
Amount received on application = Number of shares issued x Amount paid on application
Now let's calculate the amount received on application step by step:
1. Number of shares applied for: 3,00,000
2. Pro-rata allotment made: 2,40,000 (out of 3,00,000 shares)
3. Amount paid on application: Rs.20 per share
Amount received on application = Number of shares applied for x Amount paid on application
= 2,40,000 x Rs.20
= Rs. 48,00,000
However, it is mentioned that the excess money received on application was used to adjust the allotment money. Therefore, the total amount received on application is:
Amount received on application = Amount received on application (before adjustment) + Excess money used for allotment
= Rs. 48,00,000 + Rs. 12,00,000 (2,40,000 shares x Rs. 50 - 2,40,000 shares x Rs. 20)
= Rs. 60,00,000
Therefore, the amount received on application is Rs. 60,00,000.
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Most Upvoted Answer
Use the following information for questions 10 to 23D Ltd. issued 2,00...
Application received = 3lakh
amt payable on application is 20
therefore amt received on application = 60lakh
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Use the following information for questions 10 to 23D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer?
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Use the following information for questions 10 to 23D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Use the following information for questions 10 to 23D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Use the following information for questions 10 to 23D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer?.
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Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Use the following information for questions 10 to 23D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Use the following information for questions 10 to 23D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. 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Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Use the following information for questions 10 to 23D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.Q.Amount received on application = ___________.a)Rs 40,00,000b)Rs 60,00,000c)Rs 48,00,000d)Rs 2,40,00,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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