The solution to Question number 25 of the Accounting for Share Capital chapter of TS Grewal Book 2025-26 Edition
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.
[Ans.: Amount received on allotment – ₹ 2,05,800.]
Solution:-
