Read the following text. Based on the information given , you are required to answer
Khyati Ltd. issued a prospectus inviting applications for 80,000 equity shares of ₹10 each payable as follows:
₹2 on application
₹3 on allotment
₹2 on first call
₹3 on final call
pplications were received for 1,20,000 equity shares. It was decided to adjust the excess amount received on account of over subscription till allotment only. Hence allotment was made as under:
(i) To applicants for 20,000 shares – in full
(ii) To applicants for 40,000 shares – 10,000 shares
(iii) To applicants for 60,000 shares – 50,000 shares
Allotment was made and all shareholders except Tammana, who had applied for 2,400 shares out of the group (iii), could not pay allotment money. Her shares were forfeited immediately, after allotment. Another shareholder Chaya , who was allotted 500 shares out of group (ii), failed to pay first call. 50% of Tamanna’s shares were reissued to Satnaam as ₹ 7 paid up for payment of ₹ 9 per share.
1. What is the amount of application money refunded?
(A)₹30,000
(B) ₹80,000
(C) ₹60,000
(D) Nil
2. What is the amount unpaid on allotment by Tammana?
(A)₹7,200
(B)₹6,000
(C) ₹5,200
(D)₹800
3. Which account is to be debited on forfeiture of Tammana’s Shares?
(A)Bank A/c
(B)Calls in Arrear
(C) Share capital A/c
(D)Share Forfeiture A/c
4. What is the amount due on first call debited to Share first Call A/c?
(A)₹1,60,000
(B)₹1,56,000
(C)₹1,55,200
(D)₹1,55,000
