XLtd. Issued 50,000 shares of Rs. 100 each at per and company received applications for 1,00,000 shares. The amount is payable as follows: on application Rs. 30, on allotment Rs. 50 and balance on call. The company made allotment as under:

Mohan of category (b) who was allotted 1,500 shares failed to pay allotment money.
Calculate: (i) Allotment money not paid by Mohan.
(ii) Amount received by the company on Allotment.

Explanation

Step 1: Number of shares Applied by Mohan `= (50,000)/(20,000) xx 1,500 = 3,750` shares.
(i) Step 2: Calculate of Allotment Amount not paid by Mohan :

(ii) Calculation of Amount Received by the company on Allotment: