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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 to be refunded = ?
  • 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 ...
Calculation of Amount to be refunded:

To calculate the amount to be refunded, we need to consider the number of shares allotted and the amount received from the applicants.

Step 1: Calculation of total shares allotted
- Applicants of 20,000 shares were allotted in full.
- Applicants of 80,000 shares were allotted 60,000 shares pro-rata.

Therefore, the total number of shares allotted = 20,000 + 60,000 = 80,000 shares.

Step 2: Calculation of total amount received
- On application: Rs.3 per share x 1,20,000 shares = Rs.3,60,000
- On allotment: Rs.4 per share x 80,000 shares = Rs.3,20,000
- On first call: Rs.2 per share x 80,000 shares = Rs.1,60,000
- On final call: Rs.1 per share x 80,000 shares = Rs.80,000

Total amount received = Rs.3,60,000 + Rs.3,20,000 + Rs.1,60,000 + Rs.80,000 = Rs.9,20,000

Step 3: Calculation of excess amount received
The total amount received is more than the total amount to be received from the applicants. Therefore, there is an excess amount received.

Excess amount received = Total amount received - Total amount to be received
= Rs.9,20,000 - (Rs.3 x 1,20,000) - (Rs.4 x 80,000) - (Rs.2 x 80,000) - (Rs.1 x 80,000)
= Rs.9,20,000 - Rs.3,60,000 - Rs.3,20,000 - Rs.1,60,000 - Rs.80,000
= Rs.9,20,000 - Rs.9,20,000
= Rs.0

Step 4: Calculation of amount to be refunded
Since the excess amount received is zero, it means that there is no amount to be refunded to the applicants.

Therefore, the amount to be refunded = Rs.0

Conclusion:
The amount to be refunded is nil. This means that no refund needs to be made to the applicants as the total amount received is equal to the total amount to be received. Hence, option 'a) Nil' is the correct 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 to be refunded = ?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 to be refunded = ?a)Nilb)Rs 60,000c)Rs 1,20,000d)Rs 1,80,000Correct answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce 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 to be refunded = ?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 Commerce 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 to be refunded = ?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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