Use the following information for the questions 25 to 29B Ltd. issued 80,000 equity shares of Rs.10 each, payable as under:On application Rs.3On allotmen Rs.4On first call Rs.2On final call Rs.1The applications received for 1,20,000 shares were dealt with as under: Applicants of 20,000 shares were allotted in full. Applicants of 80,000 shares were allotted 60,000 shares pro-rata. Applications for 20,000 shares were rejectedQ.Amount of excess application money available for adjustment against allotment money = ?a)Nilb)Rs 60,000c)Rs 1,20,000d)Rs 1,80,000Correct answer is option 'B'. Can you explain this answer?

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Use the following information for the questions 25 to 29

B Ltd. issued 80,000 equity shares of Rs.10 each, payable as under:

On application Rs.3

On allotmen Rs.4

On first call Rs.2

On final call Rs.1

The applications received for 1,20,000 shares were dealt with as under:

Applicants of 20,000 shares were allotted in full.
Applicants of 80,000 shares were allotted 60,000 shares pro-rata.
Applications for 20,000 shares were rejected

Q.Amount of excess application money available for adjustment against allotment money = ?

a)
Nil
b)
Rs 60,000
c)
Rs 1,20,000
d)
Rs 1,80,000

Correct answer is option 'B'. Can you explain this answer?

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Use the following information for the questions 25 to 29B Ltd. issued ...

Amount of excess application money available for adjustment against allotment money:
The excess application money available for adjustment against allotment money can be calculated by following these steps:
Step 1: Calculate the total application money received:
- 20,000 shares were allotted in full, so the application money received for these shares is (20,000 shares * Rs.3) = Rs.60,000.
- 60,000 shares were allotted pro-rata, so the application money received for these shares is (60,000 shares * Rs.3) = Rs.1,80,000.
- The total application money received is Rs.60,000 + Rs.1,80,000 = Rs.2,40,000.
Step 2: Calculate the total allotment money required:
- The total allotment money required for the allotted shares is (20,000 shares * Rs.4) = Rs.80,000.
- The total allotment money required for the pro-rata allotted shares is (60,000 shares * Rs.4) = Rs.2,40,000.
- The total allotment money required is Rs.80,000 + Rs.2,40,000 = Rs.3,20,000.
Step 3: Calculate the excess application money:
- The excess application money is the difference between the total application money received and the total allotment money required.
- Excess application money = Rs.2,40,000 - Rs.3,20,000 = -Rs.80,000.
Since the excess application money is negative (-Rs.80,000), it means there is no excess application money available for adjustment against allotment money.
Therefore, the correct answer is Option A: Nil.

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Use the following information for the questions 25 to 29B Ltd. issued 80,000 equity shares of Rs.10 each, payable as under:On application Rs.3On allotmen Rs.4On first call Rs.2On final call Rs.1The applications received for 1,20,000 shares were dealt with as under: Applicants of 20,000 shares were allotted in full. Applicants of 80,000 shares were allotted 60,000 shares pro-rata. Applications for 20,000 shares were rejectedQ.Amount of excess application money available for adjustment against allotment money = ?a)Nilb)Rs 60,000c)Rs 1,20,000d)Rs 1,80,000Correct answer is option 'B'. Can you explain this answer?

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Use the following information for the questions 25 to 29B Ltd. issued 80,000 equity shares of Rs.10 each, payable as under:On application Rs.3On allotmen Rs.4On first call Rs.2On final call Rs.1The applications received for 1,20,000 shares were dealt with as under: Applicants of 20,000 shares were allotted in full. Applicants of 80,000 shares were allotted 60,000 shares pro-rata. Applications for 20,000 shares were rejectedQ.Amount of excess application money available for adjustment against allotment money = ?a)Nilb)Rs 60,000c)Rs 1,20,000d)Rs 1,80,000Correct 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 the questions 25 to 29B Ltd. issued 80,000 equity shares of Rs.10 each, payable as under:On application Rs.3On allotmen Rs.4On first call Rs.2On final call Rs.1The applications received for 1,20,000 shares were dealt with as under: Applicants of 20,000 shares were allotted in full. Applicants of 80,000 shares were allotted 60,000 shares pro-rata. Applications for 20,000 shares were rejectedQ.Amount of excess application money available for adjustment against allotment money = ?a)Nilb)Rs 60,000c)Rs 1,20,000d)Rs 1,80,000Correct 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 the questions 25 to 29B Ltd. issued 80,000 equity shares of Rs.10 each, payable as under:On application Rs.3On allotmen Rs.4On first call Rs.2On final call Rs.1The applications received for 1,20,000 shares were dealt with as under: Applicants of 20,000 shares were allotted in full. Applicants of 80,000 shares were allotted 60,000 shares pro-rata. Applications for 20,000 shares were rejectedQ.Amount of excess application money available for adjustment against allotment money = ?a)Nilb)Rs 60,000c)Rs 1,20,000d)Rs 1,80,000Correct answer is option 'B'. Can you explain this answer?.

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