How much cash was received on application

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Problem

Grayson Ltd invites the public to subscribe for 8 million ordinary shares of $2.50 each, payable as follows: $1.50 on application $1.00 on allotment, due within one month after allotment. Applications are received for 10 million shares in March 2024. The directors resolve to allot shares on a pro rata basis to all applicants and do so on 10 April 2024. The allotment money is due by 10 May 2024. By the due date, the holders of 1.5 million shares failed to pay the allotment money. Get the instant assignment help. The directors forfeit these shares on 15 May 2024, and they are resold as fully paid on 25 May 2024 for $2.00 per share. How much cash was received on application?

Reference no: EM133973769

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