Read the following case study and answer Q 41-45.
Surya Ltd issued 10,000 equity shares of ₹ 50 each at a premium of 10%. The company received application for 13,000 shares. The amount was payable as on application 30% on allotment 30% plus Premium; on 1st call 10% and Balance on final call. Allotment was made pro-rata for all applicants. Excess application money received is to be adjusted on allotment. Company received all money called expect from Manan, an applicant, of 390 shares. Manan Paid only application money. His shares were forfeited and 70% of the forfeited shares were reissued as fully paid for ₹ 40 each.

Question

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	List - I		List - II
A	Streptokinase	I	Blood-Cholestrol lowering agents
B	Cyclosporin	II	Clot Buster
C	Statins	III	Propionibacterium sharmanii
D	Swiss Cheese	IV	Immuno suppressive agent

What amount is received by company in securities Premium Reserve Account ?

The Correct Option is D

Solution and Explanation

Calculate the amount received by Surya limited on allotment.

The Correct Option is C

Solution and Explanation

Balance of Securities Premium can be utilised for

The Correct Option is C

Solution and Explanation

Allotment Due per share will be :

The Correct Option is D

Solution and Explanation

Gain on Re-issue of the shares will be transferred to

The Correct Option is C

Solution and Explanation

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