Read the passage and answer the question.

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 Arrears

The correct answer is option 2- Calls in Arrears.

Not received amount is calls in arrears. 120 is not received from Ramit on ist call is call in arrears.