25 :- Sugandh Ltd. issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable as Rs 3 on application, Rs 5 (including premium) on allotment and the balance on first and final call. Application money received was Rs 2,76,000. It was resolved to allot as follows :
(i) Applicants of 40,000 shares 30,000 shares
(ii) Applicants of 50,000 shares 30,000 shares
(iii) Applicants of 20,000 shares Nil.
Mohan, who had applied for 800 shares in Category (i) and Sohan, who was alloted 600 shares in Category (ii) failed to pay allotment money. Calculate amount received on allotment
Solution :-
