X Ltd. issued 20,000 shares of Rs. 10 each payable as follows:
On application Rs. 6 and balance on allotment. Applications were received for 32,500 shares and pro rata allotment was made to the applicants of 25,000 shares. All the shareholders have paid the amount due up to allotment except X the allotted of 4,000 shares.
(i) Calculate amount due but not paid by X.
(ii) Calculate allotment money received later.

Explanation

Total No. of shares applied by `X = (25,000)/(20,000)xx4,000=5,000` shares.
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