Superb Limited issued Equity shares of the value ₹ 3,00,000, the face value being 10 each at a premium of 20%. The amount payable was- Application-30% Allotment-50% (including premium) Two calls - Equal amount Pro-Rata allotment was done to all applicants of 40,000 shares. Ramit who applied for 80 shares failed to pay both calls and his shares were subsequently forfeited.

The amount of ₹120 regarding 1st call is recorded as:

Calls in Advance Calls in Arears Forfeited Shares Capital Reserve

Calls in Arears

Not received amount is calls in arrears.